Yoram Barzel and the Economics of Institutions

2018 ◽  
Vol 5 (2) ◽  
Author(s):  
Dean Lueck
Keyword(s):  
Property Rights ◽  
Institutional Economics ◽  
Economic Science ◽  
Economic Study ◽  
Voting Rules ◽  
Important Place ◽  
Car Racing ◽  
Economics Of Institutions ◽  
The Relationship ◽  
Crucial Part

Abstract This article examines the relationship between the work of Yoram Barzel and Institutional Economics. Barzel has developed a property rights/transaction cost approach to economics and has written on topics ranging from car racing to slavery to Jewish lending to voting rules in condominium associations. Among his many ideas are those about racing to claim assets, multitasking, rationing by waiting, divided ownership of complex assets, measurement costs, and the economic orgins of democracy. In the process Barzel’s work unearthed the economic rationale for many institutions and offered a framework for analyzing them. Barzel holds an important place among all economists for expanding the scope of economic science in a way that focuses attention on the importance of property rights in understanding institutions and the economic logic of their variety. In this way he has been a crucial part of economic study of institutions.

scholarly journals New Institutional Economics: Complementary Aspects

2014 ◽  
Vol 13 (1) ◽  
pp. 93-108
Author(s):  
Cleiciele Albuquerque Augusto ◽  
José Paulo Souza ◽  
Silvio Antonio Ferraz Cario
Keyword(s):  
Property Rights ◽  
Institutional Economics ◽  
Transaction Cost Economics ◽  
New Institutional Economics ◽  
Resource Based View ◽  
Descriptive Research ◽  
Strategic Resources ◽  
Theoretical Assumptions ◽  
The Relationship ◽  
Theoretical Issues

The purpose of this article was to understand how the theoretical assumptions of the micro analytical level of New Institutional Economics (NIE), encompassing the Resource-Based View (RBV), the Transaction Cost Economics (TCE), and associated to the Economic Costs Measurement (ECM), might influence the choice of governance structures of companies. The method used was a literature review and descriptive research. Parallel to these theories, the RBV approach was chosen in order to discuss the relationship with the boundaries of the firm, and to identify the complementary aspects between these theoretical issues. The results showed that, when these approaches are considered together, it is evident that the possession and maintenance of strategic resources (VBR) characterizes property rights that need to be protected by legal mechanisms (ECT and ECM), able to minimize their loss of value, and secure property rights. Ultimately, the sustainability of a competitive advantage will be through structures that consider the presence of specific assets (ECT), measurability (ECM), and condition for competitiveness (VBR).

What Did The Study of The Soviet Economy Contribute to Mainstream Economics?

2010 ◽  
pp. 39-55
Author(s):  
M. Ellman
Keyword(s):  
Economic Growth ◽  
Property Rights ◽  
General Equilibrium ◽  
Informal Sector ◽  
Institutional Economics ◽  
Soviet Economy ◽  
General Equilibrium Theory ◽  
Mainstream Economics ◽  
Universal Applicability ◽  
Soviet Experience

This article is an overview of the contribution made by economic Sovietology to mainstream economics. The long debate about the universal applicability of mainstream economics is reconsidered in the light of the Soviet experience. Information is provided on the contribution of the study of the Soviet economy to fields as diverse as the measurement of economic growth, institutional economics, economic administration, the economics of property rights, the economics of the informal sector, the economics of famines, the Austrian critique of general equilibrium theory, and incentives.

INNOVATION CAPABILITY, ABSORPTIVE CAPACITY AND SMES PERFORMANCE IN PAKISTAN: THE MODERATING EFFECT OF BUSINESS STRATEGY

2018 ◽  
Vol 13 (Number 2) ◽  
pp. 1-11
Author(s):  
Muhammad Zulqarnain Arshad ◽  
Darwina Arshad
Keyword(s):  
Economic Growth ◽  
Absorptive Capacity ◽  
Business Strategy ◽  
Innovation Capability ◽  
Research Directions ◽  
Conceptual Paper ◽  
And Performance ◽  
New Research ◽  
The Relationship ◽  
Crucial Part

The small and medium-sized enterprises (SMEs) play a crucial part in county’s economic growth and a key contributor in country’s GDP. In Pakistan SMEs hold about 90 percent of the total businesses. The performance of SMEs depends upon many factors. The main aim for the research is to examine the relationship between Innovation Capability, Absorptive Capacity and Performance of SMEs in Pakistan. This conceptual paper also extends to the vague revelation on Business Strategy in which act as a moderator between Innovation Capability, Absorptive Capacity and SMEs Performance. Conclusively, this study proposes a new research directions and hypotheses development to examine the relationship among the variables in Pakistan’s SMEs context.

scholarly journals IPR Law Protection and Enforcement and the Effect on Horizontal Productivity Spillovers from Inward FDI to Domestic Firms: A Meta-analysis

2021 ◽  
Author(s):  
Danai Christopoulou ◽  
Nikolaos Papageorgiadis ◽  
Chengang Wang ◽  
Georgios Magkonis
Keyword(s):  
Intellectual Property ◽  
Property Rights ◽  
Intellectual Property Rights ◽  
Meta Analysis ◽  
Host Countries ◽  
Productivity Spillovers ◽  
Domestic Firms ◽  
The Relationship ◽  
Positive Effect

AbstractWe study the role of the strength of Intellectual Property Rights (IPR) law protection and enforcement in influencing horizontal productivity spillovers from inward FDI to domestic firms in host countries. While most WTO countries adopted strong IPR legislation due to exogenous pressure resulting from the signing of the Trade-Related Aspects of IPR (TRIPS) agreement, public IPR enforcement strength continues to vary significantly between countries. We meta-analyse 49 studies and find that public IPR enforcement strength has a direct positive effect on horizontal productivity spillovers from inward FDI to domestic firms and a negative moderating effect on the relationship between IPR law protection strength and horizontal productivity spillovers from inward FDI to domestic firms.

scholarly journals An Attention-Based Model Using Character Composition of Entities in Chinese Relation Extraction

Information ◽  
2020 ◽  
Vol 11 (2) ◽  
pp. 79 ◽  
Author(s):  
Xiaoyu Han ◽  
Yue Zhang ◽  
Wenkai Zhang ◽  
Tinglei Huang
Keyword(s):  
Language Processing ◽  
Large Scale ◽  
Named Entity Recognition ◽  
Relation Extraction ◽  
Entity Recognition ◽  
Additional Information ◽  
Named Entity ◽  
Proposed Model ◽  
The Relationship ◽  
Crucial Part

Relation extraction is a vital task in natural language processing. It aims to identify the relationship between two specified entities in a sentence. Besides information contained in the sentence, additional information about the entities is verified to be helpful in relation extraction. Additional information such as entity type getting by NER (Named Entity Recognition) and description provided by knowledge base both have their limitations. Nevertheless, there exists another way to provide additional information which can overcome these limitations in Chinese relation extraction. As Chinese characters usually have explicit meanings and can carry more information than English letters. We suggest that characters that constitute the entities can provide additional information which is helpful for the relation extraction task, especially in large scale datasets. This assumption has never been verified before. The main obstacle is the lack of large-scale Chinese relation datasets. In this paper, first, we generate a large scale Chinese relation extraction dataset based on a Chinese encyclopedia. Second, we propose an attention-based model using the characters that compose the entities. The result on the generated dataset shows that these characters can provide useful information for the Chinese relation extraction task. By using this information, the attention mechanism we used can recognize the crucial part of the sentence that can express the relation. The proposed model outperforms other baseline models on our Chinese relation extraction dataset.

Differentiation of the Legal Regulation of the Pledge Depending on from the Object

2021 ◽  
Vol 6 ◽  
pp. 39-44
Author(s):  
I. G. Zhabinsky ◽  
Keyword(s):  
Civil Rights ◽  
Property Rights ◽  
Legal Regulation ◽  
Ongoing Debate ◽  
Intellectual Activity ◽  
Common Features ◽  
The Relationship ◽  
Legal Entities ◽  
Individual Objects

The article raises the question of differentiating the legal regulation of legal relations arising from a pledge, depending on the object of the pledge. Of course, the pledge as a way of securing the fulfillment of obligations is characterized by common features and general approaches to regulation, regardless of the object, at the same time, the features of individual objects require the specification of the relevant rules. The ongoing debate in science regarding the ratio of objects of civil rights, as well as the lack of unity on the issue of the ratio of individual objects, gives rise to a discussion regarding certain types of collateral, classified depending on the object. The author pays special attention to the pledge of property rights and proposes an approach on the relationship between certain types of property rights, in particular, rights of obligation, rights of participants in legal entities and exclusive rights to the results of intellectual activity.

Subject of Economic Science

2015 ◽  
pp. 115-120
Author(s):  
D. Egorov
Keyword(s):  
Human Behavior ◽  
Classical Theory ◽  
Adam Smith ◽  
A Priori ◽  
Economic Science ◽  
The Public ◽  
Public Consciousness ◽  
Wealth Of Nations ◽  
Definition Of ◽  
The Relationship

Adam Smith defined economics as “the science of the nature and causes of the wealth of nations” (implicitly appealing – in reference to the “wealth” – to the “value”). Neo-classical theory views it as a science “which studies human behavior in terms of the relationship between the objectives and the limited funds that may have a different use of”. The main reason that turns the neo-classical theory (that serves as the now prevailing economic mainstream) into a tool for manipulation of the public consciousness is the lack of measure (elimination of the “value”). Even though the neo-classical definition of the subject of economics does not contain an explicit rejection of objective measures the reference to “human behavior” inevitably implies methodological subjectivism. This makes it necessary to adopt a principle of equilibrium: if you can not objectively (using a solid measurement) compare different states of the system, we can only postulate the existence of an equilibrium point to which the system tends. Neo-classical postulate of equilibrium can not explain the situation non-equilibrium. As a result, the neo-classical theory fails in matching microeconomics to macroeconomics. Moreover, a denial of the category “value” serves as a theoretical basis and an ideological prerequisite of now flourishing manipulative financial technologies. The author believes in the following two principal definitions: (1) economics is a science that studies the economic system, i.e. a system that creates and recombines value; (2) value is a measure of cost of the object. In our opinion, the value is the information cost measure. It should be added that a disclosure of the nature of this category is not an obligatory prerequisite of its introduction: methodologically, it is quite correct to postulate it a priori. The author concludes that the proposed definitions open the way not only to solve the problem of the measurement in economics, but also to address the issue of harmonizing macro- and microeconomics.

Property rights and investment: the mediating effect of contract enforcement

2017 ◽  
Vol 59 (1) ◽  
pp. 21-34
Author(s):  
Ziade Hailu ◽  
Isaac N. Nkote ◽  
John C. Munene
Keyword(s):  
Property Rights ◽  
Goodness Of Fit ◽  
Addis Ababa ◽  
Mediating Effect ◽  
Mediation Effect ◽  
Contract Enforcement ◽  
Design Data ◽  
Cross Sectional ◽  
Content Type ◽  
The Relationship

Purpose The purpose of this paper is to empirically test whether enforceability mediates the relationship between property rights and investment in housing, using data from land formalization project in Addis Ababa, Ethiopia. Design/methodology/approach The study was cross-sectional in design; data were collected from a sample of 210 households that benefited from the recent Addis Ababa city land and buildings formalization project. Confirmatory factor analysis was used to assess the goodness-of-fit of the latent structures underlying the constructs. Mediation was tested using the Baron and Kenny steps, combined with bootstrapping technique. Robustness of results was checked. Findings The results indicate statistically significant mediation effect of contract enforcement. However, the mediation is partial, there is still a substantial direct effect of security of property rights on investment. Practical implications Any initiative to land formalization projects needs to consider contract enforcement environment, as presence and size of property rights effects largely depend on whether those rights are properly enforced. Originality/value This is the first study that conceptualizes the mediating effect of contract enforcement on the relationship between property rights and investment from an African country perspective.

scholarly journals CZY JESTEŚMY GOTOWI NA EKOGLOTTODYDAKTYKĘ W POLSKIM KONTEKŚCIE EDUKACYJNYM?

Neofilolog ◽  
2020 ◽  
pp. 11-26
Author(s):  
Jolanta Sujecka-Zając
Keyword(s):  
Foreign Language ◽  
English Language ◽  
Sense Making ◽  
Main Function ◽  
Important Place ◽  
Nature And Culture ◽  
Language Environment ◽  
Language Context ◽  
The Relationship

The trend for eco-linguistics, which has been dynamically developing in the English-language literature since the 1970s, proposes a change in the perception of the relationship between language, nature, and culture, in a sense making language a link which brings together nature and culture, rather than separating them as is traditional. This approach poses important questions: How do languages ​​work in the ecosystem created by the language environment of all users of a given language context? What relationships can they enter into? How should one perceive the development of multilingualism in such an ecological approach, in which not only does "strong" affect the "weak" but “weak” reciprocates? "Weak" has an important place in the language ecosystem, which risks serious changes due to excessive weakening of one of its components. This paper aims to examine the possible inspirations that eco-linguistics offers Foreign Language Teaching (FLT), highlighting the role of each language and sensitizing the reader to the relationships that arise between languages ​​and their users in a given environment. From this perspective Claire Kramsch (2008) postulates a change in the perception of the main function of the teacher from the "teacher of a code" to the "teacher of meaning", which has specific didactic consequences in how language activities are approached. Is the school classroom a place for activities which have their origin in the trend for eco-FLT?

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