The present paper intends to examine the four most important approaches to institutions as they now prevail in the economic literature. These are: the transaction-cost approach, the principal-agent approach, the equilibrium-of-thegame approach, and the evolutionary approach. Each approach will be succinctly presented and, in a second step, the question as to whether institutions can be ineffici...

financial markets are considered because of their role in acquiring small and large savings of national economy, optimizing the flow of financial resources and distributing these resources to consumption and investment needs of economic sectors. the aim of this study was investigating the influence of financial market extension on agriculturalsector’s development of kohgilouye and boyer ahmad p...

Institutions as Game Theory Outcomes: Towards a Cognitive-Experimental Inquiry Angela Ambrosino University of Eastern Piedmont, Italy This paper investigates two different approaches to the analysis of institutions using game theory and discusses their methodological and theoretical implications for further research. Starting from von Neumann and Morgenstern’s theory, we investigate, how Schott...

The growth of nations is one of the most important topics of our times. Economic growth not only poses an intellectual puzzle that occupies economists’ thinking and politicians’ agendas but also affects the lives of billions of people around the world. In The Mystery of Economic Growth, Elhanan Helpman tells us the tale of economic growth in a vivid and intellectually stimulating way. He organi...

By facilitating mutually beneficial transactions in the absence of perfect legal institutions, trust is a crucial ingredient for economic development. We focus on the conceptual connections between imperfect legal institutions, uncertainty and vulnerability, and their consequences on trust, with the goal of understanding the role for a social safety net in economic development. We study a model...

Social justice and occupational justice have received increased attention in the occupational therapy literature. This evolving discourse has focused on establishing a connection between the effects of social injustice and the resulting negative influences on occupational participation. This literature has also addressed the role of occupational therapists in responding to social injustice at t...