Pub Date : 2023-01-06DOI: 10.1017/s1744137422000480
Dario D’Ingiullo, C. Di Berardino, Iacopo Odoardi, Davide Quaglione
Our article presents an empirical investigation of the relationship between the export performance of Italian provinces and the quality of their local institutions, specifically the rule of law, over the period 2004–2016. According to the results obtained by different econometric approaches (OLS, FE, SYS-GMM), in general a secure and well-defined legal framework – by reducing transaction costs and uncertainty, facilitating capital accumulation and an increase in the firms' scale of production – is associated with better export performance. Interestingly, when the analysis is replicated at the level of the Italian macro-areas (North, Centre and South), the results indicate that the rule of law has a statistically significant and positive association with export performance only in northern provinces, thus suggesting that the effectiveness of this institutional dimension might depend on the level of development of the socioeconomic and institutional features at the local level, i.e. only when a set of suitable economic incentive mechanisms are already in place.
{"title":"Rule of law as a determinant of the export performance of Italian provinces","authors":"Dario D’Ingiullo, C. Di Berardino, Iacopo Odoardi, Davide Quaglione","doi":"10.1017/s1744137422000480","DOIUrl":"https://doi.org/10.1017/s1744137422000480","url":null,"abstract":"\u0000 Our article presents an empirical investigation of the relationship between the export performance of Italian provinces and the quality of their local institutions, specifically the rule of law, over the period 2004–2016. According to the results obtained by different econometric approaches (OLS, FE, SYS-GMM), in general a secure and well-defined legal framework – by reducing transaction costs and uncertainty, facilitating capital accumulation and an increase in the firms' scale of production – is associated with better export performance. Interestingly, when the analysis is replicated at the level of the Italian macro-areas (North, Centre and South), the results indicate that the rule of law has a statistically significant and positive association with export performance only in northern provinces, thus suggesting that the effectiveness of this institutional dimension might depend on the level of development of the socioeconomic and institutional features at the local level, i.e. only when a set of suitable economic incentive mechanisms are already in place.","PeriodicalId":47221,"journal":{"name":"Journal of Institutional Economics","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47319623","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-06DOI: 10.1017/s1744137422000509
Thanh Le, Ngoc Vu Bich, Sau Mai
This paper examines the effect of frontier academic research on technological development and the way institutional quality influences this impact. Using a dataset that covers 18 OECD countries over the 2003–2017 period, we find that frontier academic research exerts an important influence on total factor productivity. First, frontier academic research induces technological change by directly enhancing production processes and management methods. Second, frontier academic research stimulates industrial innovations, which in turn improves productivity. Regarding the moderating effect of institutional variables on these relationships, we find that positive moderation only exists for some, not all, of the institutional variables. In that case, a higher level of these variables is found to strengthen the way countries reap benefits from frontier academic research and industrial innovation. However, the moderation of institutions is much less clear with the process that turns frontier academic research into industrial innovations.
{"title":"Frontier academic research in OECD countries: the role of institutional factors","authors":"Thanh Le, Ngoc Vu Bich, Sau Mai","doi":"10.1017/s1744137422000509","DOIUrl":"https://doi.org/10.1017/s1744137422000509","url":null,"abstract":"\u0000 This paper examines the effect of frontier academic research on technological development and the way institutional quality influences this impact. Using a dataset that covers 18 OECD countries over the 2003–2017 period, we find that frontier academic research exerts an important influence on total factor productivity. First, frontier academic research induces technological change by directly enhancing production processes and management methods. Second, frontier academic research stimulates industrial innovations, which in turn improves productivity. Regarding the moderating effect of institutional variables on these relationships, we find that positive moderation only exists for some, not all, of the institutional variables. In that case, a higher level of these variables is found to strengthen the way countries reap benefits from frontier academic research and industrial innovation. However, the moderation of institutions is much less clear with the process that turns frontier academic research into industrial innovations.","PeriodicalId":47221,"journal":{"name":"Journal of Institutional Economics","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43653430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-01-06DOI: 10.1017/s1744137422000510
Thierry Aimar
Contemporary Austrian theory has expanded widely on the relationship between entrepreneurship and the structure of production, yet it has never touched on the existence of an exploration-exploitation dilemma within organizations. The objective of the article is to show that the integration of the exploration-exploitation dilemma into the Austrian theory adds new fruitful elements to the function of the destructive entrepreneur, as presented by the Austrian economists of the firm. By showing how an organization's complexity can motivate destructive entrepreneurship on competition, it firstly explains how their analytical tools, which were limited in this area to the infra-organizational field, can also be applied to the catallactic field; it secondly enriches the traditional Austrian vision of the relation between institutions and entrepreneurship, in highlighting a reverse causal relationship, that has not yet been pointed by Austrian literature on entrepreneurship, between bad institutions and the destructive entrepreneur.
{"title":"Integrating the exploration-exploitation dilemma and bad institutions to the Austrian theory of destructive entrepreneurship: a new perspective","authors":"Thierry Aimar","doi":"10.1017/s1744137422000510","DOIUrl":"https://doi.org/10.1017/s1744137422000510","url":null,"abstract":"\u0000 Contemporary Austrian theory has expanded widely on the relationship between entrepreneurship and the structure of production, yet it has never touched on the existence of an exploration-exploitation dilemma within organizations. The objective of the article is to show that the integration of the exploration-exploitation dilemma into the Austrian theory adds new fruitful elements to the function of the destructive entrepreneur, as presented by the Austrian economists of the firm. By showing how an organization's complexity can motivate destructive entrepreneurship on competition, it firstly explains how their analytical tools, which were limited in this area to the infra-organizational field, can also be applied to the catallactic field; it secondly enriches the traditional Austrian vision of the relation between institutions and entrepreneurship, in highlighting a reverse causal relationship, that has not yet been pointed by Austrian literature on entrepreneurship, between bad institutions and the destructive entrepreneur.","PeriodicalId":47221,"journal":{"name":"Journal of Institutional Economics","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48562333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-23DOI: 10.1017/s1744137422000455
Erwin Dekker, Julien Gradoz
This article argues for the need for the empirical analysis of how firms manage repugnance and core-stigmatization. To develop our empirical perspective, we compare the work on repugnance with the existing empirical literature in management on core-stigma and argue that core-stigmatization results from the mobilized repugnance. The core-stigmatized firm faces higher transaction costs. We demonstrate, through a case-study of the strategies of MindGeek/Pornhub in the online pornography market, how transaction costs economics can explain the choice of strategies to deal with core-stigma. Under most conditions, the increased transaction costs lead to vertical and lateral integration of the firm. In a dynamic setting, rival firms might use stigmatization to prevent the entry of a new competitor. Our second case-study on the early decades of the mail-order company Sears, Roebuck, and Company illustrates that repugnance, including racial discrimination, was mobilized by competitors to block the entry of the firm into the market.
{"title":"Managing repugnance: how core-stigma shapes firm behavior","authors":"Erwin Dekker, Julien Gradoz","doi":"10.1017/s1744137422000455","DOIUrl":"https://doi.org/10.1017/s1744137422000455","url":null,"abstract":"\u0000 This article argues for the need for the empirical analysis of how firms manage repugnance and core-stigmatization. To develop our empirical perspective, we compare the work on repugnance with the existing empirical literature in management on core-stigma and argue that core-stigmatization results from the mobilized repugnance. The core-stigmatized firm faces higher transaction costs. We demonstrate, through a case-study of the strategies of MindGeek/Pornhub in the online pornography market, how transaction costs economics can explain the choice of strategies to deal with core-stigma. Under most conditions, the increased transaction costs lead to vertical and lateral integration of the firm. In a dynamic setting, rival firms might use stigmatization to prevent the entry of a new competitor. Our second case-study on the early decades of the mail-order company Sears, Roebuck, and Company illustrates that repugnance, including racial discrimination, was mobilized by competitors to block the entry of the firm into the market.","PeriodicalId":47221,"journal":{"name":"Journal of Institutional Economics","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42263330","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-23DOI: 10.1017/s1744137422000467
E. Hugo, D. Savage, F. Schneider, B. Torgler
The ambiguous phenomenon of corruption has long been the cause of great theoretical debate in economics. By using Structural Equation Modelling, with the two types of corruption as a latent variable, this paper employs causal and indicative variables to the Latin American region to test for rent seeking and systemic corruption during 1980–2018. The findings provide evidence for two types of corruption, one generated by greed, and the other a solution to market failures. Such results support the view that corruption encompasses a complex set of social behaviours that may require a stronger definitional approach.
{"title":"Two sides of the coin: exploring the duality of corruption in Latin America","authors":"E. Hugo, D. Savage, F. Schneider, B. Torgler","doi":"10.1017/s1744137422000467","DOIUrl":"https://doi.org/10.1017/s1744137422000467","url":null,"abstract":"\u0000 The ambiguous phenomenon of corruption has long been the cause of great theoretical debate in economics. By using Structural Equation Modelling, with the two types of corruption as a latent variable, this paper employs causal and indicative variables to the Latin American region to test for rent seeking and systemic corruption during 1980–2018. The findings provide evidence for two types of corruption, one generated by greed, and the other a solution to market failures. Such results support the view that corruption encompasses a complex set of social behaviours that may require a stronger definitional approach.","PeriodicalId":47221,"journal":{"name":"Journal of Institutional Economics","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-11-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45401625","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-17DOI: 10.1017/s1744137422000443
B. Wilson
The current approach to the study of property cannot distinguish the causes of human action from the consequences of human action. It also cordons off morality thereby opening a hole in how property rights work. The scientific difficulty is that our analysis must constantly shift between the individual, their local community, and the larger polity in which both are embedded, in order to explain simultaneously different levels of consequences with different kinds of causes. The difficulty is made worse when we construct mental models without the human mind. My framework leaves the human mind in. Since Armen Alchian and Harold Demsetz, the study of property rights has had a decidedly external stance: the institution imposes itself on the individual from the outside. The problem of property rights, however, also calls for inquiry from the inside out of human agency, because in the study of property, ideas are primary.
{"title":"Property rights aren't primary; ideas are","authors":"B. Wilson","doi":"10.1017/s1744137422000443","DOIUrl":"https://doi.org/10.1017/s1744137422000443","url":null,"abstract":"\u0000 The current approach to the study of property cannot distinguish the causes of human action from the consequences of human action. It also cordons off morality thereby opening a hole in how property rights work. The scientific difficulty is that our analysis must constantly shift between the individual, their local community, and the larger polity in which both are embedded, in order to explain simultaneously different levels of consequences with different kinds of causes. The difficulty is made worse when we construct mental models without the human mind. My framework leaves the human mind in. Since Armen Alchian and Harold Demsetz, the study of property rights has had a decidedly external stance: the institution imposes itself on the individual from the outside. The problem of property rights, however, also calls for inquiry from the inside out of human agency, because in the study of property, ideas are primary.","PeriodicalId":47221,"journal":{"name":"Journal of Institutional Economics","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41831756","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-11-08DOI: 10.1017/s1744137422000418
Clemens Buchen
This paper introduces the concept of institutional resilience based on a population game. Agents in an economy are randomly matched to play a coordination game with two strategies, cooperate and defect. A breach of contract can be adjudicated in court. Agents can update their strategy, which is modelled using the replicator dynamic. In this context, cooperation is defined as the informal institution, whereas the legal system (contract law) constitutes the formal institution. Institutional resilience is defined by how the formal institution of a functioning legal system complements the informal institution of cooperation in a dynamic way. In the wake of an adverse exogenous shock, the formal institution can prevent a total breakdown of cooperation in the population.
{"title":"Institutional resilience: how the formal legal system sustains informal cooperation","authors":"Clemens Buchen","doi":"10.1017/s1744137422000418","DOIUrl":"https://doi.org/10.1017/s1744137422000418","url":null,"abstract":"\u0000 This paper introduces the concept of institutional resilience based on a population game. Agents in an economy are randomly matched to play a coordination game with two strategies, cooperate and defect. A breach of contract can be adjudicated in court. Agents can update their strategy, which is modelled using the replicator dynamic. In this context, cooperation is defined as the informal institution, whereas the legal system (contract law) constitutes the formal institution. Institutional resilience is defined by how the formal institution of a functioning legal system complements the informal institution of cooperation in a dynamic way. In the wake of an adverse exogenous shock, the formal institution can prevent a total breakdown of cooperation in the population.","PeriodicalId":47221,"journal":{"name":"Journal of Institutional Economics","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44483876","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2022-10-26DOI: 10.1017/s1744137422000388
Michael Ellman
This article is Part II of a survey of Russia's position as one of the great powers and how it has evolved from 1815 to the present day. Part 1 ended on the eve of the Great Patriotic War (1941‒1945), and Part II begins where Part 1 left off, with some data on the Great Patriotic War and its influence on the USSR's position as a great power. It deals with post-war reconstruction and then considers the Cold War and post-Soviet Russia (1992‒2022). Attention is paid to Soviet economic policies, the reasons for the long-run decline in Soviet economic growth, and the state collapse of 1991. Explanatory theories used include List's economic recommendations for medium-developed countries, Wintrobe's political economy of dictatorship, and Tilly's analysis of the war–state relationship. It is concluded that a relatively poor country can become a great power and maintain that position for long periods if it has institutions that enable it to squeeze its population for military purposes.
{"title":"Russia as a great power: from 1815 to the present day Part II","authors":"Michael Ellman","doi":"10.1017/s1744137422000388","DOIUrl":"https://doi.org/10.1017/s1744137422000388","url":null,"abstract":"<p>This article is Part II of a survey of Russia's position as one of the great powers and how it has evolved from 1815 to the present day. Part 1 ended on the eve of the Great Patriotic War (1941‒1945), and Part II begins where Part 1 left off, with some data on the Great Patriotic War and its influence on the USSR's position as a great power. It deals with post-war reconstruction and then considers the Cold War and post-Soviet Russia (1992‒2022). Attention is paid to Soviet economic policies, the reasons for the long-run decline in Soviet economic growth, and the state collapse of 1991. Explanatory theories used include List's economic recommendations for medium-developed countries, Wintrobe's political economy of dictatorship, and Tilly's analysis of the war–state relationship. It is concluded that a relatively poor country can become a great power and maintain that position for long periods if it has institutions that enable it to squeeze its population for military purposes.</p>","PeriodicalId":47221,"journal":{"name":"Journal of Institutional Economics","volume":"39 2","pages":""},"PeriodicalIF":2.2,"publicationDate":"2022-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138526588","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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