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Money without a State: Currencies of the Orthodox Christians in the Balkan Provinces of the Ottoman Empire (17th –19th centuries)

NIKOLAY NENOVSKY, PENCHO PENCHEV
THE REVIEW OF AUSTRIAN ECONOMICS (2014): ADVANCED ONLINE PUBLICATION. DOI 10.1007/s11138-014-0281-9

Abstract: The paper presents a historical and theoretical analysis of the issue of local currency (coins and paper money), undertaken in various forms by the Orthodox Christians in the Balkan provinces of the Ottoman Empire (XVII –XIX centuries). Read the rest of this entry »

Filed under: Economics, History

From Custom to Law – Hayek Revisited

GUIDO ROSSI, SALVATORE SPAGANO
MPRA PAPER No. 56643 (2014)

Abstract: The present paper combines legal history with economic theory so to explain the passage from custom to law. Economists have usually explained the shift from customary to statutory law (that is, from spontaneous to formal rules) either in terms contractualism or evolutionism. In the first case, law is the only efficient solution for a Hobbesian-like immanent social conflict. In the second case, customs do create an efficient enough equilibrium. Law comes on a later stage just to formalise an already accepted rule, vesting the custom with a formal status. Neither theory, however, is fully able to explain the transition from custom to law. Read the rest of this entry »

Filed under: Economics, Law

Buchanan and Tullock Ignore Their Own Contributions to Expressive Voting

DWIGHT R. LEE, J. R. CLARK
PUBLIC CHOICE 161.1-2 (2014): 113-118

Abstract: It is common to employ small-number voting models to show how majority voting can lead to outcomes that are often at variance to what most people expect. For example, when government projects are voted on separately, and logrolling and side payment agreements are ruled out, each project can capture a majority vote even though all voters would be better off if none of the projects passed. The outcomes are typically driven by the assumption that the decision of each voter is influenced entirely by effect of their vote on their personal financial interests. But this is misleading Read the rest of this entry »

Filed under: Economics, Politics

Do Poverty Traps Exist? Assessing the Evidence

AART KRAAY, DAVID MCKENZIE
THE JOURNAL OF ECONOMIC PERSPECTIVES 28.3 (2014): 127-148

Abstract: A “poverty trap” can be understood as a set of self-reinforcing mechanisms whereby countries start poor and remain poor: poverty begets poverty, so that current poverty is itself a direct cause of poverty in the future. The idea of a poverty trap has this striking implication for policy: much poverty is needless, in the sense that a different equilibrium is possible and one-time policy efforts to break the poverty trap may have lasting effects. But what does the modern evidence suggest about the extent to which poverty traps exist in practice and the underlying mechanisms that may be involved? Read the rest of this entry »

Filed under: Economics

Liberal Constitutionalism and Political Particularism in Montesquieu’s The Spirit of the Laws

KEEGAN CALLANAN
POLITICAL RESEARCH QUARTERLY 67.3 (2014): 589-602

Abstract: The most well-known elements of Montesquieu’s political thought are his liberal constitutionalism and his emphasis on the need for a fit between a regime and a populace. But scholars have rarely sought to understand the theoretical relationship between these elements, and some have denied that they are meaningfully related at all. Read the rest of this entry »

Filed under: Political Theory

Precocious Albion: A New Interpretation of the British Industrial Revolution

MORGAN KELLY, JOEL MOKYR, CORMAC O GRADA
ANNUAL REVIEW OF ECONOMICS 6 (2014): 363-389

Abstract: Many explanations have been offered for the British Industrial Revolution. This article points to the importance of human capital (broadly defined) and the quality of the British labor force on the eve of the Industrial Revolution. Read the rest of this entry »

Filed under: Economics, History

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