Thomas Timberg It’s true that governments and non-profit institutions perform certain functions because markets and pursuit of profit can’t do everything. It’s also true that many social needs are met on a market basis most of the time by competing … Read More
In Lawlessness and Economics Avanish Dixit draws on game theory to explain how the mutuality of contracts helps ensure respect for property rights in the absence of functioning legal systems. And in Reinventing the Bazaar John McMillan, examines how well-designed … Read More
Originally published in Economic and Political Weekly (June 12, 1999), this comparative review of two long-term studies of village economies concludes that anyone familiar with swathes of the Indian countryside knows of progressive villages typically with strong leadership, indigenous or … Read More