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The Review of Austrian Economics - This paper explores the intellectual context of the Department of Economics at the London School of Economics and Political Science (LSE) during the 1930s. We... 相似文献
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This essay praises Gerald Gaus’s The Order of Public Reason as a building block for all normative explorations into the institutional foundations of human sociability. It evaluates the normative implications put forth by Gaus in terms of the Kirzner’s “finder’s keeper’s ethic.” This raises a question about the relationship between the moral order and the political order that underlies market processes. Examining the role of entrepreneurship in the market process in relation to Kirzner’s “finder’s keeper’s principle” suggests a deeper ethical foundation that underpins the institutional conditions of “social morality.” 相似文献
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Guido Candela Massimiliano Castellani Roberto Dieci 《International Review of Economics》2008,55(3):285-311
In this paper we study a particular case of “multiple” externalities associated to the production of a good/activity, whose
external effects can change from positive to negative depending on the level of output (intersecting externalities). To analyze their impact on the public policy we propose a very simple two-agent partial equilibrium model in the technological
context of externalities. In a static framework, the centralized solution always implies an optimal policy, which may consist
of taxation or subsidization depending on the individual optimum and on the technology parameters. In a dynamic model with
local knowledge of the efficiency function and instantaneous output adjustments, such an optimal policy can be structurally
stable or unstable. In the latter case, under small changes of the parameters the policy may switch from low taxation/subsidization
to high taxation/subsidization or vice versa, or even jump discontinuously from taxation to subsidization or vice versa. Furthermore, the decentralized solution based upon “tradable rights” can be economically equivalent to the centralized solution
in the form of taxation policy but the two solutions may be not politically equivalent.
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Roberto DieciEmail: |
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This paper discusses the nature of law as the fifth factor of production, or more fundamentally as the institutional framework within which the production process takes place. Unlike land, labor, capital, and entrepreneurship, whose coordination is an outcome of institutional arrangements, the law itself is the institutional embodiment of the voluntary exchange processes evolving from the decisions, but not the design, of judges that form the reliable expectations about who “plans” the coordination of the other four factors of production. The legal theory of Hayek and Leoni lends itself to this dual nature of spontaneous order analysis and also the basis of the burgeoning literature on analytical anarchism. Although Hayek and Leoni were not legal centralists, their conception of law as part of a larger spontaneous order was open-ended to competition and experimentation on the constitutional level of rules just as that experienced on the post-constitutional level of the market itself. 相似文献
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We present a theoretical dynamic model in tourism economics, assuming that the market for tourism is an oligopoly with differentiated products. Destinations can invest in order to improve their stock of physical, natural or cultural resources. Tourism flows yield current revenues, but they are usually detrimental for the stock of resources. We find the solution of the dynamic model, and in particular we find the open-loop Nash equilibrium of the game among destinations, under alternative settings, depending on whether the degree of differentiation among destinations is exogenous or endogenous. In particular, under the latter case, an increase of the number of destinations leads to a higher degree of product differentiation in steady state. 相似文献
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The Review of Austrian Economics - Coase’s publication of “The Lighthouse in Economics” (1974) sparked a polarizing debate over his claim that government intervention is not... 相似文献
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This paper analyzes the forward linkages of a multinational's investment in a resort that kicks off tourism activity in a less developed country. We show that, under quite natural assumptions, overnight stays are increasing in the number of differentiated tourism‐related goods and services. These goods and services, if supplied by the local community, represent forward linkages of FDI in tourism. We investigate the multinational's incentives to promote, reduce or eliminate these forward linkages and the effectiveness of some policy instruments available to a local government to leverage on the presence of FDI and to stimulate domestic entrepreneurship. 相似文献
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Starting from the Ladrón‐de Guevara et al.’s framework, we develop a model with an additional sector for the production of leisure services. By introducing consumption of leisure services as a time‐consuming activity, our model generalizes the standard time allocation problem whereby total available time can be allocated between work, education, free time and leisure activities. We analytically characterize the balanced growth paths of the model, particularly in terms of time allocation and growth. Our comparative analysis of different service economies assumed at equilibrium includes the case of an industrial economy without a service sector and the potential multiple equilibria of such an economy. 相似文献