Vernon Smith

  First, the rule of law is also – or even foremost – about people.   Douglas North, Nobelpreisträger der ökonomischen Theorie und überzeugter Liberaler, dachte viel über Institutionen nach. Institutionen sind die «Spielregeln» einer Gruppe: des Markts, der Gemeinschaft, der Gesellschaft oder des Staates. Spielregeln können entstehen und sich als Konvention etablieren – etwa, […]

  Harmonizing Chaos: The Role of Rule of Law in Fostering Spontaneous Order Vibhu Vikramaditya   ABSTRACT The Law and Economics Revolution in the latter half of the 20th Century, part of a broader pushback against the failures of general equilibrium economics and the planned economies based on it, has crucially underscored the importance of […]

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