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There is a growing appreciation in economics that people have emotional vulnerabilities, commitments to social norms, and systematic irrationalities, which impact their decision making and choice in the marketplace. The flip side of this is that human beings are susceptible to being manipulated by unscrupulous agents who are single-minded about marketing their services and wares. This paper reviews George Akerlof and Robert Shiller's book, Phishing for Phools: The Economics of Manipulation and Deception, alongside other writings in the field, and discusses how this research agenda can be taken forward. The paper shows how this new research can shed light on the ubiquity of corruption in so many societies, and proposes ideas for controlling corruption.

Think tanks of the United States as a functional prototype of modern analytical centers are explored in the article. The main factors that determined the formation of think tanks in the United States in the early years of the twentieth century were distinguished, in particular: 1) the economic boom in the United States at the beginning of the 20th century; 2) course of administration of T. Roosevelt; 3) cartelization and trasification of the national economy. The process of formation of the official institutionalized elements of the system of expert-ideological influence in the 19101920 years was analyzed. The types of non-state structures of expert support of foreign policy processes of this period are distinguished, such as: 1) non-governmental think tanks, whose activities are directed on ideological substantiation, expert evaluation and advocacy support of foreign policy; 2) councils and associations created to coordinate with the assistance of scientists economic and political interests of business and the state.The influence of the first think tanks of the USA on the public decisions making process is considered. The influence of the Industrial Revolution, private philanthropy and the Great Depression on the formation and development of American think tanks is analyzed. The influence of the Rockefeller Foundation and the Carnegie Foundation on the process of the formation of think tanks in the United States is considered. The influence of the Second World War and the Cold War on the formation of expert-analytical organizations in the USA was determined. The peculiarities of the development of think tanks of the USA in the 40's - 50's of the twentieth century, which were caused by a new wave of expansion into the European market of American corporations and banks, were considered. The ideological and organizational changes in the work of think tanks of the USA in the 1960s were explored.The main political events that have created the context for the distribution of disproportionately large numbers of conservative think tanks in the 1970s are analyzed, in particular: 1) political mobilization of business and corporations; 2) political conversion and aggressive propaganda by the neo-conservative intelligentsia; 3) the political mobilization of evangelical and fundamentalist Christians; 4) the prevalence of neoclassical economic theory at universities and among key politicians. The reasons that prevented the creation of non-conservative think tanks in the 1960s-early 1970s are researched, namely: 1) the adoption by Congress of a tax reform law which has tightened restrictions on the political activity of private foundations that historically are major sponsors of think tanks; 2) reducing the resources of the Ford Foundation and reducing its interest in funding analytical centers; 3) a decline in the cost of research and development of the Ministry of Defense, historically another important source of funding for think tanks in the United States.The causes of the emergence and spread of ideologically oriented think tanks (lawyer type) in the USA in the 70s and 80s of the 20th century, which openly demonstrated commitment to a certain policy, party or ideology, carried out aggressive propaganda and sought to make influence the discussion of issues current policy are analized. The current condition of think tanks in the USA is considered.It is established that the process of developing strategic ideas by think tanks of the United States is closely linked with the applied orientation towards obtaining specific socio-economic and political results. American think tanks are directly influenced primarily by public interests and have a close connection with the interests of large American business. They are quite different from similar organizations in other countries, with the active participation of many of them in the political process and widely funded from various sources. American think tanks are directly and indirectly ready to participate in shaping public policy, and politicians, in their turn, are appealing to them for advice. ; Think tanks of the United States as a functional prototype of modern analytical centers are explored in the article. The main factors that determined the formation of think tanks in the United States in the early years of the twentieth century were distinguished, in particular: 1) the economic boom in the United States at the beginning of the 20th century; 2) course of administration of T. Roosevelt; 3) cartelization and trasification of the national economy. The process of formation of the official institutionalized elements of the system of expert-ideological influence in the 19101920 years was analyzed. The types of non-state structures of expert support of foreign policy processes of this period are distinguished, such as: 1) non-governmental think tanks, whose activities are directed on ideological substantiation, expert evaluation and advocacy support of foreign policy; 2) councils and associations created to coordinate with the assistance of scientists economic and political interests of business and the state.The influence of the first think tanks of the USA on the public decisions making process is considered. The influence of the Industrial Revolution, private philanthropy and the Great Depression on the formation and development of American think tanks is analyzed. The influence of the Rockefeller Foundation and the Carnegie Foundation on the process of the formation of think tanks in the United States is considered. The influence of the Second World War and the Cold War on the formation of expert-analytical organizations in the USA was determined. The peculiarities of the development of think tanks of the USA in the 40's - 50's of the twentieth century, which were caused by a new wave of expansion into the European market of American corporations and banks, were considered. The ideological and organizational changes in the work of think tanks of the USA in the 1960s were explored.The main political events that have created the context for the distribution of disproportionately large numbers of conservative think tanks in the 1970s are analyzed, in particular: 1) political mobilization of business and corporations; 2) political conversion and aggressive propaganda by the neo-conservative intelligentsia; 3) the political mobilization of evangelical and fundamentalist Christians; 4) the prevalence of neoclassical economic theory at universities and among key politicians. The reasons that prevented the creation of non-conservative think tanks in the 1960s-early 1970s are researched, namely: 1) the adoption by Congress of a tax reform law which has tightened restrictions on the political activity of private foundations that historically are major sponsors of think tanks; 2) reducing the resources of the Ford Foundation and reducing its interest in funding analytical centers; 3) a decline in the cost of research and development of the Ministry of Defense, historically another important source of funding for think tanks in the United States.The causes of the emergence and spread of ideologically oriented think tanks (lawyer type) in the USA in the 70s and 80s of the 20th century, which openly demonstrated commitment to a certain policy, party or ideology, carried out aggressive propaganda and sought to make influence the discussion of issues current policy are analized. The current condition of think tanks in the USA is considered.It is established that the process of developing strategic ideas by think tanks of the United States is closely linked with the applied orientation towards obtaining specific socio-economic and political results. American think tanks are directly influenced primarily by public interests and have a close connection with the interests of large American business. They are quite different from similar organizations in other countries, with the active participation of many of them in the political process and widely funded from various sources. American think tanks are directly and indirectly ready to participate in shaping public policy, and politicians, in their turn, are appealing to them for advice.

Think tanks of the United States as a functional prototype of modern analytical centers are explored in the article. The main factors that determined the formation of think tanks in the United States in the early years of the twentieth century were distinguished, in particular: 1) the economic boom in the United States at the beginning of the 20th century; 2) course of administration of T. Roosevelt; 3) cartelization and trasification of the national economy. The process of formation of the official institutionalized elements of the system of expert-ideological influence in the 19101920 years was analyzed. The types of non-state structures of expert support of foreign policy processes of this period are distinguished, such as: 1) non-governmental think tanks, whose activities are directed on ideological substantiation, expert evaluation and advocacy support of foreign policy; 2) councils and associations created to coordinate with the assistance of scientists economic and political interests of business and the state.The influence of the first think tanks of the USA on the public decisions making process is considered. The influence of the Industrial Revolution, private philanthropy and the Great Depression on the formation and development of American think tanks is analyzed. The influence of the Rockefeller Foundation and the Carnegie Foundation on the process of the formation of think tanks in the United States is considered. The influence of the Second World War and the Cold War on the formation of expert-analytical organizations in the USA was determined. The peculiarities of the development of think tanks of the USA in the 40's - 50's of the twentieth century, which were caused by a new wave of expansion into the European market of American corporations and banks, were considered. The ideological and organizational changes in the work of think tanks of the USA in the 1960s were explored.The main political events that have created the context for the distribution of disproportionately large numbers of conservative think tanks in the 1970s are analyzed, in particular: 1) political mobilization of business and corporations; 2) political conversion and aggressive propaganda by the neo-conservative intelligentsia; 3) the political mobilization of evangelical and fundamentalist Christians; 4) the prevalence of neoclassical economic theory at universities and among key politicians. The reasons that prevented the creation of non-conservative think tanks in the 1960s-early 1970s are researched, namely: 1) the adoption by Congress of a tax reform law which has tightened restrictions on the political activity of private foundations that historically are major sponsors of think tanks; 2) reducing the resources of the Ford Foundation and reducing its interest in funding analytical centers; 3) a decline in the cost of research and development of the Ministry of Defense, historically another important source of funding for think tanks in the United States.The causes of the emergence and spread of ideologically oriented think tanks (lawyer type) in the USA in the 70s and 80s of the 20th century, which openly demonstrated commitment to a certain policy, party or ideology, carried out aggressive propaganda and sought to make influence the discussion of issues current policy are analized. The current condition of think tanks in the USA is considered.It is established that the process of developing strategic ideas by think tanks of the United States is closely linked with the applied orientation towards obtaining specific socio-economic and political results. American think tanks are directly influenced primarily by public interests and have a close connection with the interests of large American business. They are quite different from similar organizations in other countries, with the active participation of many of them in the political process and widely funded from various sources. American think tanks are directly and indirectly ready to participate in shaping public policy, and politicians, in their turn, are appealing to them for advice. ; Think tanks of the United States as a functional prototype of modern analytical centers are explored in the article. The main factors that determined the formation of think tanks in the United States in the early years of the twentieth century were distinguished, in particular: 1) the economic boom in the United States at the beginning of the 20th century; 2) course of administration of T. Roosevelt; 3) cartelization and trasification of the national economy. The process of formation of the official institutionalized elements of the system of expert-ideological influence in the 19101920 years was analyzed. The types of non-state structures of expert support of foreign policy processes of this period are distinguished, such as: 1) non-governmental think tanks, whose activities are directed on ideological substantiation, expert evaluation and advocacy support of foreign policy; 2) councils and associations created to coordinate with the assistance of scientists economic and political interests of business and the state.The influence of the first think tanks of the USA on the public decisions making process is considered. The influence of the Industrial Revolution, private philanthropy and the Great Depression on the formation and development of American think tanks is analyzed. The influence of the Rockefeller Foundation and the Carnegie Foundation on the process of the formation of think tanks in the United States is considered. The influence of the Second World War and the Cold War on the formation of expert-analytical organizations in the USA was determined. The peculiarities of the development of think tanks of the USA in the 40's - 50's of the twentieth century, which were caused by a new wave of expansion into the European market of American corporations and banks, were considered. The ideological and organizational changes in the work of think tanks of the USA in the 1960s were explored.The main political events that have created the context for the distribution of disproportionately large numbers of conservative think tanks in the 1970s are analyzed, in particular: 1) political mobilization of business and corporations; 2) political conversion and aggressive propaganda by the neo-conservative intelligentsia; 3) the political mobilization of evangelical and fundamentalist Christians; 4) the prevalence of neoclassical economic theory at universities and among key politicians. The reasons that prevented the creation of non-conservative think tanks in the 1960s-early 1970s are researched, namely: 1) the adoption by Congress of a tax reform law which has tightened restrictions on the political activity of private foundations that historically are major sponsors of think tanks; 2) reducing the resources of the Ford Foundation and reducing its interest in funding analytical centers; 3) a decline in the cost of research and development of the Ministry of Defense, historically another important source of funding for think tanks in the United States.The causes of the emergence and spread of ideologically oriented think tanks (lawyer type) in the USA in the 70s and 80s of the 20th century, which openly demonstrated commitment to a certain policy, party or ideology, carried out aggressive propaganda and sought to make influence the discussion of issues current policy are analized. The current condition of think tanks in the USA is considered.It is established that the process of developing strategic ideas by think tanks of the United States is closely linked with the applied orientation towards obtaining specific socio-economic and political results. American think tanks are directly influenced primarily by public interests and have a close connection with the interests of large American business. They are quite different from similar organizations in other countries, with the active participation of many of them in the political process and widely funded from various sources. American think tanks are directly and indirectly ready to participate in shaping public policy, and politicians, in their turn, are appealing to them for advice.

Macroeconomics would not be what it is today without Edmund Phelps. This book assembles the field's leading figures to highlight the continuing influence of his ideas from the past four decades. Addressing the most important current debates in macroeconomic theory, it focuses on the rates at which new technologies arise and information about markets is dispersed, information imperfections, and the heterogeneity of beliefs as determinants of an economy's performance. The contributions, which represent a breadth of contemporary theoretical approaches, cover topics including the real effects of monetary disturbances, difficulties in expectations formation, structural factors in unemployment, and sources of technical progress. Based on an October 2001 conference honoring Phelps, this incomparable volume provides the most comprehensive and authoritative account in years of the present state of macroeconomics while also pointing to its future. The fifteen chapters are by the editors and by Daron Acemoglu, Jess Benhabib, Guillermo A. Calvo, Oya Celasun, Michael D. Goldberg, Bruce Greenwald, James J. Heckman, Bart Hobijn, Peter Howitt, Hehui Jin, Charles I. Jones, Michael Kumhof, Mordecai Kurz, David Laibson, Lars Ljungqvist, N. Gregory Mankiw, Dale T. Mortensen, Maurizio Motolese, Stephen Nickell, Luca Nunziata, Wolfgang Ochel, Christopher A. Pissarides, Glenda Quintini, Ricardo Reis, Andrea Repetto, Thomas J. Sargent, Jeremy Tobacman, and Gianluca Violante. Commenting are Olivier J. Blanchard, Jean-Paul Fitoussi, Mark Gertler, Robert E. Hall, Robert E. Lucas, Jr., David H. Papell, Robert A. Pollak, Robert M. Solow, Nancy L. Stokey, and Lars E. O. Svensson. Also included are reflections by Phelps, a preface by Paul A. Samuelson, and the editors' introduction

The problem of economic development has been the subject of discussion in economic theory for hundreds of years. It is one of the most important issues in economics. To this day, it is crucial to specify the factors and conditions of this phenomenon. The purpose of this article is to identify the direction and strength of the relationship between the quality of the institutional environment and the level of economic development. The soft modelling method and analysis of the literature were applied to identify this relationship. Selected research methods allowed for the positive verification of the adopted hypothesis- institutional environment has a significant, positive impact on shaping economic development dynamics. ; University of Bialystok, Doctoral School in the Social Sciences, Poland ; MA, PhD Student, Doctoral School in the Social Sciences, University of Bialystok (Poland) ; m.borkowski@uwb.edu.pl ; 27 ; 48 ; 2 ; Barro, R.J. (1996). Democracy and growth. 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This dissertation consists of three chapters based on three applied theory papers, which all use microfoundations to study mechanisms behind asset prices in the context of monetary policy and financial stability. Market Fragility and the Paradox of the Recent Stock-Bond Dissonance. The objective of this study is to jointly explain stock prices and bond prices. After the Lehman-Brothers collapse, the stock index has exceeded its pre-Lehman-Brothers peak by 36% in real terms. Seemingly, markets have been demanding more stocks instead of bonds. Yet, instead of observing higher bond rates, paradoxically, bond rates have been persistently negative after the Lehman-Brothers collapse. To explain this paradox, we suggest that, in the post-Lehman-Brothers period, investors changed their perceptions on disasters, thinking that disasters occur once every 30 years on average, instead of disasters occurring once every 60 years. In our asset-pricing calibration exercise, this rise in perceived market fragility alone can explain the drop in both bond rates and price-dividend ratios observed after the Lehman-Brothers collapse, which indicates that markets mostly demanded bonds instead of stocks. Time-Consistent Welfare-Maximizing Monetary Rules. The objective of this study is to jointly explain capital prices, bond prices and money supply/demand. We analyze monetary policy from the perspective that a Central Bank conducts monetary policy serving the ultimate goal of maximizing social welfare, as dictated by a country's constitution. Given recent empirical findings that many households are hand-to-mouth, we study time-consistent welfare-maximizing monetary-policy rules within a neoclassical framework of a cash-in-advance economy with a liquidity-constrained good. The Central Bank performs open-market operations buying government bonds in order to respond to fiscal shocks and to productivity shocks. We formulate the optimal policy as a dynamic Stackelberg game between the Central Bank and private markets. A key goal of optimal monetary policy is to improve the mixture between liquidity constrained and non-liquidity constrained goods. Optimal monetary responses to fiscal shocks aim at stabilizing aggregate consumption fluctuations, while optimal monetary responses to productivity shocks allow aggregate consumption fluctuations to be more volatile. Jump Shocks, Endogenous Investment Leverage and Asset Prices: Analytical Results. The objective of this study is to jointly model leveraging and stock prices in an environment with rare stock-market disaster shocks. Financial intermediaries invest in the stock market using household savings. This investment leveraging, and its extent, affects stock price movements and, in turn, stock-price movements affect investment leveraging. If the price mechanism is unable to absorb a rare stock-market disaster, then with leverage ratios of 20 or more, financial intermediaries can go bankrupt. We model the interplay between leverage ratios and stock prices in an environment with rare stock-market disaster shocks. First we introduce dividend shocks that follow a Poisson jump process to an endowment economy with pure exchange between two types of agents: (i) shareholders of financial intermediaries that invest in the stock market ("experts"), and (ii) savers, who deposit their savings to financial intermediaries (households). Under the assumption that the households and the so called "experts" both have logarithmic utility, we obtain a closed-form solution for the endowment economy. This closed-form solution serves as a guide for numerically solving the model with recursive Epstein-Zin preferences in continuous-time settings. In our extension we introduce production based on capital investments, but with adjustment costs for investment changes. Jump shocks directly hit the productive capital stock, but the way they influence stock returns of productive firms passes through the leveraging channel, which is endogenous. The production economy also has endogenous growth, and investment adjustment costs partly influence the model's stability properties. Importantly, risk has an endogenous component due to leveraging, and this endogenous-risk component influences growth opportunities, bridging endogenous cycles with endogenous growth. This chapter is part of a broader project on financial stability. Future extensions will include an evaluation of the Basel II-III regulatory framework in order to assess their effectiveness and their impact on growth performance.

Relevance of the research topic. In the conditions of transformation, a special role in the formation of a favorable institutional environment for the intensification of investment activities in the agricultural sector is given to the state as an important institution for the organization of the process and its participants. Formulation of the problem. The relationship of investment activity with the processes of institutional transformation is still poorly studied in economic theory due to the novelty of this process and are systemic in nature. Here, a significant role is played, first of all, by the institutional features of the formation of a favorable investment environment in the conditions of deepening transformation and integration processes in the state. For the transformational economy, the system of economic property relations is an urgent problem, in particular, for the agricultural sector – it is land ownership. Analysis of recent research and publications. Many works of famous scientists are devoted to the issue of institutional theories of investment: A. Spithof [5, p. 330-331], J. Commons [3], W. Mitchell [15], J. Buchanan [4], W. Rostow [24], R. Coase [11], J. Ellull [27], R. Aron [18], J. Galbraith [30], J. Schumpeter [21], W. Favor [19], K. Eklund [7], A. Burley [6], G. Minz [6], I. Nadler [6], S. Chase [6], P. Drucker [26]. In Ukraine, scientific research of domestic scientists using the methodological tools of institutionalism A. Bykova, M. Kolesnik, T. Kosovo, N. Marenkov, A. Ivashina, V. Fedorenko is also presented. In the works of N. Marenkov [13], A. Bykova [1], O. Ivashina [1], M. Kolisnyk [9], M. Tugan-Baranovsky [20], the organization of the process of formation and development of non-market forms of economic interactions in conditions of transformation of social and economic relations. Selection of unexplored parts of the general problem. A special study of investment activity in the context of deepening transformation processes in the national economic system requires consideration of two aspects of this process: the need and principles of adaptation of investment institutions as carriers of another institutional tradition to the market environment; study of those positive institutional effects of direct investment, which contribute to the acceleration of institutional transformations, the adaptation of world "institutional standards" to national conditions. Setting the task, the purpose of the study. To study the theoretical and practical aspects of the relationship between structural and institutional transformation with the organization of the investment process in the agricultural sector. Method or methodology of the study. Institutionalism, as a scientific field, emerged at the turn of the XIX-XX centuries, as a trend that criticizes the methodological positions of the neoclassical school. Among the well-known representatives of this school are usually T. Veblen, J. Commons, W. Mitchell, D. Clark. At the same time, early institutionalism is sometimes considered as a precursor of Keynesianism [12, p. 28]. The methodological basis of the new institutionalism are the works of the classics of economic scientific thought. Presentation of the main material (results of work).The article examines the features of institutional support in the development of investment activitiesinthe agricultural sector. There is a need to take into account investment capacity in the methodology of analysis of investment potential,in the process of considering investment potential, from the point of view of the institutional approach. The processes of globalization are a catalyst in the search for ways to increase economic prosperity and an important prerequisite for this process is the investment potential. The possibility of using institutional theory in the development of investment activity is proved. A recommendation is given that the investment process and investment activities should be studied and considered in dynamics. Institutionalism focuses on a comprehensive study of economic systems. Theories of institutionalism related to investment are reduced to separate concepts of behavior of market participants and to the analysis of the investment climate. For the formation of international economic relations, an important element in determining the effectiveness of the global economy are approaches to institutional economics. The factor of high technology is an important factor in the formation of an economic institutional system. The subject of knowledge of institutional theory are institutions, and what are its advantages. The institute (as a subject of research), on the one hand, provides a broad view of the development of the economy and society, analysis of the economic system and society as a whole in interaction with other institutions, such as the state, and on the other - requires a deep and specific understanding institutions. From the point of view of representatives of institutionalism, institutions are a way of thinking and acting that is embodied in social customs, institutions, and rules. In the non-institutional direction, institutions are considered as factors influencing the decisions made by economic agents. The field of application of results. Directions for further development of the agricultural sector of the national economy depend on the investment policy that shapes the investment climate in the country and the ability of state institutions to implement it effectively. The investment process, as evidenced by world experience, is able to provide large-scale technical and technological renewal of the agricultural sector, which will result in increasing the competitiveness of agricultural production and ensuring sustainable social and economic development of the country. Conclusions according to the article.It should be noted that according to the methodology of the system approach, investment activity has all the hallmarks of a system that is developing dynamically and is influenced by external and internal institutional environment. The development of Ukraine's economy in the conditions of deepening transformation and integration processes is characterized by increasing influence of uncertainties and risks of the modern institutional environment in which investment activities are carried out not only by national but also foreign investors. Increasing the degree of uncertainty of the investment process in the transformation of the national social and economic system is due primarily to the fact that in the transition to market relations remain institutions and institutions inherited from the previous economic system, and market institutions are not yet formed or poorly functioning. Also, the development of the investment process is influenced by the constant change of the economic situation and the situation and competition in the investment capital market, the introduction of new technologies and methods of organizing the production process, and so on. Thus, institutionalism is a productive direction in the development of investment activities.

Предмет. Институционализм как научное направление экономической мысли возник в США в начале XX столетия как одна из форм отображения усилившихся монополитических тенденций в экономике, содействуя разработке и развитию «антитрестовской» политики собственной страны. В определенной мере институционализм противопоставляется неоклассическому направлению экономической теории. Цель. В настоящее время, на взгляд автора, необходимо рассмотреть вопрос о целесообразности формирования еще одного научного направления в рамках институциональной теории направления, названного нами «патоинституционализм». В рамках этой научной концепции планируется сконцентрировать внимание на изучении патологических процессов в институциональной системе и в самих институтах (которые по аналогии можно назвать патоинститутами). Использование данного названия объясняется тем, что термин «патологический процесс» образован от греческого «патос», что означает болезнь. Учитывая, что в последнее время на разных уровнях общественной иерархии участились всевозможные кризисы, которые весьма болезненно переживаются населением, представляется, что развитие патоинституционализма является весьма актуальным. Результаты. Усиление кризисов и диспропорций связано также и с институциональным фактором, причем как на уровне отдельных институтов, так и с функционированием институциональной системы в целом. Поэтому одним из важнейших аспектов развития патоинституционализма как нового научного направления должно стать изучение взаимосвязи между усилением кризисных проявлений и диспропорциональности, возникающих в социально-экономических системах на разных уровнях управленческой иерархии, с одной стороны, и институциональным фактором, институциональным направлением, с другой стороны. Еще одним очень важным аспектом патоинституционализма может стать изучение различных видов и типов патологий в самой институциональной системе, в том числе во всевозможных институтах. В этой связи крайне важной проблемой может стать определение критериев и количественных показателей, на основе которых нормальный институт отличается от патоинститута. Такого рода проблема актуальна и для институциональной системы в целом (т.е. для определения нормальной и патологической институциональной системы в целом). Очевидно также, что патоинституционализм будет связан с другими, уже сложившимися направлениями и концепциями институциональной теории. Так, один из основоположников институциональной теории Т. Веблен критиковал паразитический образ жизни занятых только финансовой деятельностью рантье-владельцев особой, абсентеистской формы частной собственности. Этим самым он по существу противопоставлял эту, если так можно выразиться, праздную часть бизнесменов остальным (нормальным) предпринимателям, реально зарабатывающим свой предпринимательский доход. Иначе говоря, по существу у Т. Веблена абсентеистская форма собственности и ее владельцы рассматриваются как некая патология, которая, в отличии от обычных предпринимателей, мешает эффективному развитию экономики, в том числе эффективному развитию научно-технического прогресса. Справедливость сказанного можно видеть на примере современной российской действительности, когда многие олигархи, сколотившие огромные состояния за коротких срок за счет использования природных ресурсов, по существу являющимися народным достоянием России и поэтому им самим не принадлежащими, используют значительную часть полученных доходов не на развитие производства, а на удовлетворение собственных прихотей. Тот факт, что многие российские бизнесмены в условиях, когда физический и моральный износ основных фондов во многих отраслях приближается к 100%, значительную часть своих доходов тратят на непроизводственное, непроизводительное потребление и нередко делают это за рубежом, также свидетельствует о ненормальности, патологичности современной российской институциональной системы, в том числе, некоторых государственных структур, являющихся ее важнейшими атрибутами. Это обстоятельство также самым серьезным и самым негативным образом сказывается на социально-экономической эффективности модернизации и вообще эффективности НТП в России. Иначе говоря, абсентеистская форма собственности один из важнейших тормозов модернизации и технического перевооружения российской экономики. Таким образом, можно видеть, что в рамках институциональной теории уже достаточно давно исследуются различного рода экономические аномалии, патологии (хотя, как правило, называемые иным образом), связанные с нарушениями, отклонениями от обычного, стандартного поведения различных институтов или институциональной системы в целом. Однако происходило это не часто, время от времени, спорадически. Здесь же нами предлагается сконцентрировать внимание на изучении такого рода институциональных патологиях, что позволит выявить общее и особенное в них, раскрыть закономерности и тенденции их функционировании и в конце концов поможет осуществить разработку направлений, форм и методов устранения этих патологий (или хотя бы это будет способствовать уменьшению негативного их воздействия на социально-экономические процессы). Целесообразно различать, на наш взгляд, патологии в институциональной системе, в институциональной среде и в самих институтах (в этом случае последние можно называть патоинститутами). Так, к патоинститутам можно отнести устаревшие институты, нуждающиеся в замене или обновлении; отжившие институты, приносящие вред и мешающие реализации прогрессивных мероприятий, а также неправильные институты, тормозящие развитие социально-экономических процессов, например, процесс модернизации российского общества. Выводы. В статье дается характеристика патоинституционализма как перспективного направления институциональной теории, определяются сущность и критерии выделения патоинститутов сквозь призму возможности использования этих понятий при анализе факторов и особенностей модернизации российской экономики.Subject. Institutionalism as a scientific direction of economic thought emerged in the United States at the beginning of the XX century as a form of heightened monopoliticheskih display trends in the economy, contributing to the design and development of "antitrust" policy of their own country. To a certain extent opposed to the neoclassical institutionalism direction of economic theory. Purpose. At present, the author's opinion, it is necessary to consider the advisability of forming another scientific field within the institutional theory the direction which we call "patoinstitutsionalizm." As part of this scientific concept is planned to focus on the study of pathological processes in the institutional system and the institutions themselves (which can be called by analogy patoinstitutami). The use of this name due to the fact that the term "pathological process" derives from the Greek "pathos" meaning disease. Considering that in recent years at various levels of the social hierarchy frequent various crises that very painfully public, it appears that the development patoinstitutsionalizma is very important. Results. Strengthening of crises and imbalances associated also with institutional factors, both at the level of individual institutions and the functioning of the institutional system as a whole. Therefore, one of the most important aspects of patoinstitutsionalizma as a new scientific field should be the study of the relationship between the increasing manifestations of the crisis and the disproportionality arising from the socio-economic systems at different levels of the management hierarchy, on the one hand, and institutional factors, institutional direction, on the other hand. Another very important aspect patoinstitutsionalizma may be to study different types and kinds of pathologies of the institutional system, including in various institutes. In this regard, the crucial problem may be defining the criteria and quantitative indicators, based on which the Institute is different from the normal patoinstituta. This kind of problem is relevant for the institutional system as a whole (ie, to determine normal and abnormal institutional system as a whole). It is also obvious that patoinstitutsionalizm be linked to other, already established trends and concepts of institutional theory. So, one of the founders of the theory of institutional Veblen criticized the parasitic life employment rentier-financial activities of the special owners, absenteistskoy forms of private property. Thereby it is substantially opposed this, if I may say so, idle the rest of the business (normal) entrepreneurs actually earn your business income. In other words, substantially at Veblen absenteistskaya ownership and its owner are regarded as a kind of pathology, which, unlike ordinary businessmen, hinders the effective development of the economy, including the effective development of scientific and technical progress. The validity of the above can be seen in contemporary Russia, where many of the oligarchs, who made huge fortunes in a short time through the use of natural resources, is essentially a national treasure of Russia, and therefore do not belong to themselves, used a significant portion of revenues in the development of production, and to satisfy their own whims. The fact that many Russian businessmen in an environment where physical and moral depreciation of fixed assets in many sectors of close to 100%, a significant part of their income spent on non-productive, non-productive consumption, and often do so abroad also shows abnormalities, pathological modern Russian the institutional system, including some government agencies that are its most important attributes. This fact is also the most serious and the most negative impact on the socio-economic efficiency of modernization and general effectiveness of NTP in Russia. In other words, absenteistskaya ownership one of the major brakes modernization and technical re-equipment of the Russian economy. Thus, we can see that in the framework of the institutional theory have long studied various kinds of economic anomaly, pathology (although usually called otherwise) related to the impairment, deviations from the normal, default behavior of the various institutions or the institutional system as a whole. However, this does not happen often, from time to time, sporadically. Here we propose to focus on the study of such institutional pathologies that will reveal the general and particular in them, to reveal patterns and trends in their operation, and in the end help to carry out development directions, forms and methods of eliminating these pathologies (or at least it will help reduce the negative impact on their social and economic processes). It is advisable to distinguish, in our opinion, the pathology in the institutional system in the institutional environment and the institutions themselves (in this case, the latter can call patoinstitutami). So, for patoinstitutam include outdated institutions in need of replacement or upgrade; obsolete institutions that bring harm and impede the implementation of progressive measures, as well as the wrong institutions, hindering the development of socio-economic processes, for example, the process of modernization of the Russian society. Conclusions. The article describes how patoinstitutsionalizma promising trend of institutional theory, defined the nature and allocation criteria patoinstitutov through the prism of the possibility of using these concepts in the analysis of the factors and features of the modernization of the Russian economy.

This work departs from a critical approach of the monopoly theory, be it neoclassical or Marxist, in order to present a reading of digitalisation focused, not on the performance of the firms, but on the structural patterns of capitalism. As in any other stage of this mode of production, the need of individual capital is to increase the long-term profitability of its business operations. In this sense, the strategy in the fight against the working class is directed to the working time extension and intensity. It is argued that while Silicon Valley firms have highly developed technologies to reproduce new Taylorist models, the structural dynamics of capitalism are the same as when Marx wrote 'Das Kapital'. Therefore, it becomes more necessary than ever to analyze not only the strategies of workers who carry out their activity in internet companies but also to present the limits of the class struggle. The article concludes that fighting against capitalism needs to consider specific demands of digital socialism. ; Este trabajo parte de una aproximación crítica hacia la teoría del monopolio, sea su vertiente neoclásica o marxista, a fin de presentar una lectura de la digitalización centrada en las consideraciones estructurales del capitalismo, no en la actuación de una serie de firmas. Al igual que en cualquier otro estadio del modo de producción, la necesidad de los capitalistas es aumentar la rentabilidad a largo plazo de sus operaciones. Por tanto, la estrategia en la lucha de estos contra la clase desposeída se encuentra encaminada hacia la explotación mediante la ampliación de los tiempos y la intensidad de trabajo. A continuación, se argumenta que, si bien las firmas de Silicon Valley cuentan con tecnologías extremadamente desarrolladas para establecer nuevos modelos de taylorismo, las lógicas estructurales del capitalismo siguen siendo la misma que cuando Marx redactó El Capital. Por tanto, analizar las estrategias contra los trabajadores que desarrollan su actividad en empresas digitales y exponer los límites de una lucha centrada en el trabajo se torna necesario. Este artículo concluye con un llamamiento a la fuerzas de izquierda para que exijan una forma de socialismo digital. ; Este trabalho parte de uma abordagem crítica da teoria do monopólio, seja na sua vertente neoclássica ou marxista, a fim de apresentar uma leitura da digitalização focada nas considerações estruturais do capitalismo, não no desempenho de uma série de empresas. Como em qualquer outro estágio do modo de produção, a necessidade dos capitalistas é aumentar a lucratividade a longo prazo de suas operações. Portanto, a estratégia na luta destes contra a classe despossuída é direcionada à exploração através da extensão do tempo e da intensidade do trabalho. Em seguida, argumenta-se que, embora as empresas do Vale do Silício contem com tecnologias desenvolvidas para estabelecer novos modelos de taylorismo, as lógicas estruturais do capitalismo segue sendo a mesma de quando Marx escreveu Capital. Portanto, é necessário analisar as estratégias contra os trabalhadores que exercem suas atividades em empresas digitais e expor os limites de uma luta centrada no trabalho se faz necessário. Este artigo conclui com um apelo às forças de esquerda para que exijam uma forma de socialismo digital. ; Este trabalho parte de uma abordagem crítica da teoria do monopólio, seja na sua vertente neoclássica ou marxista, a fim de apresentar uma leitura da digitalização focada nas considerações estruturais do capitalismo, não no desempenho de uma série de empresas. Como em qualquer outro estágio do modo de produção, a necessidade dos capitalistas é aumentar a lucratividade a longo prazo de suas operações. Portanto, a estratégia na luta destes contra a classe despossuída é direcionada à exploração através da extensão do tempo e da intensidade do trabalho. Em seguida, argumenta-se que, embora as empresas do Vale do Silício contem com tecnologias desenvolvidas para estabelecer novos modelos de taylorismo, as lógicas estruturais do capitalismo segue sendo a mesma de quando Marx escreveu Capital. Portanto, é necessário analisar as estratégias contra os trabalhadores que exercem suas atividades em empresas digitais e expor os limites de uma luta centrada no trabalho se faz necessário. Este artigo conclui com um apelo às forças de esquerda para que exijam uma forma de socialismo digital.

AbstractSouth Africa is currently confronting an HIV/AIDS crisis. HIV prevalence in the population is currently estimated at about 13 per cent with that number projected to increase over the next five years or so. Given the massive scale of the problem and the concentration of effects on adults of prime working age, the pandemic is expected to sharply influence a host of economic and non‐economic variables. While the pandemic will certainly influence the rate of economic growth, structural changes are also likely to be one of the primary economic hallmarks of the AIDS pandemic.This paper builds on the work of Arndt and Lewis (2000) who estimated the aggregate macroeconomic impacts of the HIV/AIDS pandemic in South Africa using a computable general equilibrium (CGE) approach. They found that, despite dramatically lower rates of growth of the unskilled labor pool relative to the 'no AIDS' trend, estimated unemployment rates for unskilled labor in their base 'AIDS' scenario increased absolutely over most of the upcoming decade and are essentially the same (slightly higher in fact) as the rates estimated for a fictional 'no AIDS' scenario. In this paper, we seek to further investigate the interactions between unemployment and AIDS using the basic modeling approach set forth in Arndt and Lewis.Before projecting the impacts of the pandemic on unemployment, recently compiled historical data on employment, unemployment, and remuneration are presented. The unemployment problem is, rather, an employment problem; and it is concentrated primarily in the unskilled and semi‐skilled labour category. Job creation performance over the past three decades in this category has been dismal with total employment (formal sector and informal sector) of unskilled and semi‐skilled labourers in 1999 at only 92 per cent of the level present in 1970.In a country with an extraordinarily complex historical legacy such as South Africa, it is impossible to attribute this disastrous job creation performance to any single factor. Nevertheless, large differences in remuneration trends across labor classes and standard economic theory point to these trends as major contributing factors. By 1999, real remuneration per unskilled and semi‐skilled worker had grown to 250 per cent of the 1970 level while remuneration for other categories had remained essentially flat. Based on these data, the neoclassical conclusion that unskilled and semi‐skilled labor has been systematically pricing itself out of the market seems practically unavoidable. Employment growth has, given slow economic growth rates, gone hand in hand with wage moderation as in the highly skilled and skilled segments. In contrast, employment compression has been associated with substantial real remuneration growth as in the unskilled and semi‐skilled segment.With this historical background in mind, we turn to examining the interactions between the AIDS pandemic and unemployment using a CGE approach. In the model, the unskilled and semi‐skilled wage is fixed relative to the producer price index. As a result, employment levels by activity are the equilibrating variables. We find that, even though the pandemic is projected to drive growth rates in the supply of unskilled and semi‐skilled labour to around zero, our analysis indicates that the pandemic will also depress labour demand leaving the unemployment rate, in our base 'AIDS' scenario, essentially unchanged compared with a fictional 'no AIDS' scenario. The pandemic depresses labour demand through three effects.


Declines in the rate of overall economic growth.


Pronounced declines in sectors that supply investment commodities, particularly the Construction and Equipment sectors. These two sectors happen to use unskilled and semi‐skilled labour intensively and together account for a significant share (16.3 per cent) of total payments to this category of labour.


Beyond this investment demand effect (brought on by reduced savings), AIDS induced morbidity effects on unskilled and semi‐skilled workers tend to depress output relatively more in sectors that use unskilled and semi‐skilled labour intensively with further negative implications for employment.

Countering these three effects will be key to palliating the negative economic consequences of the pandemic and reducing unemployment rates. To reduce the unemployment problem, South Africa must have rapid overall economic growth ideally with sectors that use unskilled and semi‐skilled labour intensively leading the way. Results indicate that a policy of real wage moderation (or even modest decline) presents a straightforward option for bolstering overall economic growth. A wage moderation policy also provides a particularly large stimulus for sectors that use unskilled and semi‐skilled labour intensively with further positive implications for employment. Copyright © 2001 John Wiley & Sons, Ltd.

JEL Classification: D03, D12, D63, Q25. ; Water is a natural resource whose scarcity is very likely to rise in the future (Griffin, 2006), in spite of recent breakthroughs regarding the promotion of economic instruments (European Commission, 2007) and governance principles (OECD, 2015), as well as the declaration of water and sanitation as human rights since 2010 (Albuquerque and Roaf, 2012). Behavioural economics has been on the agenda of European Union policies (Van Bavel et al., 2013), however there is no bridge linking these two fields. This thesis focuses on this unexplored relationship, suggesting behavioural water resource economics. Firstly, after the general introduction on chapter 1, a literature review is conducted on chapter 2 where four seminal ideas of behavioural economic applications to water management are identified: reference block pricing, asymmetric elasticities, reference transaction, and social comparison using reference consumption. Chapter 3 contributes to a profile of Portuguese residential water consumers, especially focused on consumer perceptions. Consumers appear to exhibit some misperceptions and low awareness of average price and monthly water consumption, although they exhibit high awareness of their bill. Chapter 4 continues to explore the effects of consumer perceptions, in this case, on the decision to adopt outdoor and indoor water-saving behaviours, as well as new extensions to modern billing standards, such as direct debit payment and electronic billing. The findings of chapter 3 lead to the study of factors influencing the consumer's probability to have reference points (for the average water price, monthly water consumption and bill). Overall, the behavioural findings suggest that price (un)fairness plays a role on water choices. Moreover, results show a perceived price fairness (PPF) effect that affects the reference point about water price, a novelty in the literature. Additionally, the factors driving the decision to prefer to drink tap water are analysed. Consumer perception about price fairness seem to influence this choice. These last evidences lead to the development of a conceptual framework to systematically measure PPF, as a global index, on chapter 5. This study proposes a conceptual model and variables to measure the determinants of PPF: price clarity, distributive fairness, consistent behaviour, price reliability, price honesty, respect and regard for the partner and fair dealing. Chapter 6 presents a new discrete/continuous model for consumer choice with reference-dependent preferences. The main theoretical results are based on three scenarios of reference points. In the case where the first block is a reference point,consumers in the second block will suffer a loss effect which will decrease their consumption. When the second block is the reference, the first-block consumers will increase their consumptions influenced by a gain effect. In the last case, when the reference is the average price, "bunching" will occur around the point where block shifts happen. Finally, chapter 7 discusses the main contributions. Overall, these contributions may be helpful to reshape water management and consequently water policies, through the use of behavioural findings. This work advocates a holistic approach of neoclassical and behavioural theories and further avenues to promote sustainable water consumption are proposed. ; A água é um recurso natural que se encontra sobre risco de escassez no futuro (Griffin, 2006), apesar dos avanços recentes quer na promoção do uso de instrumentos económicos (European Commission, 2007) e de princípios de governance (OECD, 2015), bem como na declaração da água e do saneamento como direitos humanos desde 2010 (Albuquerque and Roaf, 2012). A economia comportamental tem sido tema central na agenda política da União Europeia (Van Bavel et al., 2013), contudo não existe nenhuma ponte que unifique estas áreas. Esta tese centra-se nesta relação inexplorada sugerindo a economia comportamental aplicada aos recursos hídricos. Em primeiro lugar, após a introdução geral do capítulo 1, é realizada uma revisão da literatura no capítulo 2 e são identificadas quatro ideias seminais de aplicações económicas comportamentais na gestão dos recursos hídricos: bloco tarifário de referência, elasticidades assimétricas, transação de referência, e comparação social usando um consumo de referência. O capítulo 3 contribui para definir um perfil dos consumidores domésticos portugueses de água, especialmente sobre as suas perceções. No geral, conclui-se que os consumidores apresentam algumas perceções que divergem da realidade, tendo reduzido nível de conhecimento sobre o preço médio e o consumo mensal de água percebidos. No entanto, apresentam um elevado nível de conhecimento da sua conta de água mensal (CAM). O capítulo 4 continua a explorar os efeitos da perceção do consumidor, neste caso, na adoção de comportamentos de poupança de água em usos exteriores e interiores, bem como novas extensões aos hábitos modernos de pagamento, tais como a utilização de débito direto e de fatura eletrónica. Adicionalmente, os fatores que determinam a decisão de beber preferencialmente água da torneira são analisados, sendo que a perceção sobre o preço ser justo parece influenciar moderadamente a escolha de beber água da torneira. As evidências do capítulo 3 fomentaram a análise dos fatores que influenciam a probabilidade do consumidor ter ou não pontos de referência (i.e., preço médio de água, consumo de água mensal e CAM percebidos). As evidências comportamentais sugerem que a (in)justiça de preço percebida afeta os comportamentos analisados, bem como a existência de um efeito de justiça de preço percecionada (JPP) que afeta o ponto de referência relativo ao preço da água e constitui uma novidade na literatura. Estas últimas evidências incentivaram o desenvolvimento de um quadro conceptual para medir sistematicamente a JPP, sob a forma de um índice global, de acordo com o capítulo 5. Este estudo propõe um modelo conceptual de JPP e variáveis para medir os seus determinantes, nomeadamente: clareza do preço, justiça distributiva, comportamento consistente, credibilidade do preço, honestidade do preço, respeito e consideração pela contraparte e tratamento justo. O capítulo 6 apresenta um novo modelo de escolha discreta/contínua com preferências baseadas em referências. Os principais resultados teóricos são baseados em três cenários de pontos de referência. No caso do primeiro bloco como ponto de referência, os consumidores no segundo bloco sofrem um efeito de perda que os fará diminuir os seus consumos. Quando o segundo bloco é a referência, os consumidores do primeiro bloco irão aumentar o seu consumo devido a um efeito de ganho. No último caso, quando a referência é o preço médio baseada nos dois blocos anteriores irá ocorrer uma situação de "concentração" em torno do ponto onde as mudanças de bloco ocorrem. Finalmente, o capítulo 7 resume as principais contribuições. Esta tese constitui um contributo que poderá ser útil para reformular a gestão dos recursos hídricos, e consequentemente, as políticas públicas de água, através da utilização de evidências comportamentais. Este trabalho advoga uma abordagem holística das teorias neoclássica e comportamental e propõe novas direções de investigação para promover o consumo sustentável da água. ; The author acknowledges financial support from FCT Fundação para a Ciência e a Tecnologia (Science and Technology Foundation), projects PTDC/EGEECO/114477/2009 and PEst-OE/EGE/UI0315/2011. He also acknowledges the individual scholarship, SFRH/BD/77809/2011 scholarship from FCT.

DescriptionThis thesis consists of two papers. The first gives a game-theoretical treatment of the institutional homogenization of value-oriented firms. It explains why intrinsically motivated, value-oriented firms like non-profits may become similar to for-profit firms in terms of organization and norms. It highlights and explains the pairs: value-oriented and flat organizations in contrast to value-neutral managers and hierarchical organizations. We consider a major donor like the government who delegates a project to an organization without endowments under asymmetric information. The non-profit is able to adapt its organization by establishing a hierarchy with an intrinsically motivated manager. The donor can in turn react by employing institutions in order to cope with information asymmetries regarding the mission of the organization and the unverifiable values of the manager. Two main cases are examined, one without competition and a competitive case. The equilibrium in the first case is a flat organization or alternatively highly altruistic hierarchy. The second competitive case is characterized by a value-neutral hierarchy.Surveillance, hierarchy and bureaucracy emerges as a consequence of strategic interaction e.g. local competition over one source. Wealthy or 'small' organizations can afford idealism and an egalitarian structure. Such organizations are free to choose the management which best suits their needs or even work in a completely flat organization if they want to. Such solipsism is however not attainable in all environments.Organization and culture adapt to socioeconomic constraints. When competition is fierce, the 'ethics of neutrality' is in line with the aims of finance/power – perceived diversity and radicalism is reduced to symbolic deviations which do not challenge status quo.Please note that in contrast, global competition between systems emerges if additional sources of power/finance are introduced, these may promote different values. Once local equilibrium is established the simplest cases of global competition become obvious – it is just a matter of counting organizations and sources.Please note that technical jargon is used which may not correspond to the everyday sense of the words. E.g. verifiability and altruism are terms which concern what is contractible or relate to what is defined in the literature. Bonuses and reimbursements are expressions of solutions to the underlying tensions – these may be thought of as intangibles as well. My report of how such details relate to previous literature should primarily be seen as means to convey information of how effects may remain invariant even when the structure of the arguments is altered, not specific applications.It is easy to tinker with parameters to model specific situations, especially regarding different modes of reimbursement, wasteful behavior or perks. Because such considerations are theoretically trivial/mainstream (e.g. w.r.t. delegation problem), they are abstracted from in order to emphasize the emergence of bureaucracy or inefficiency (depending on the point of view) as the result of interaction. Similarly, assumptions should not be taken literally. For example: Just because I argue that organizations/workers behave as if they do not move, it does not follow that we should believe they cannot – It is however arguably very interesting if the result still is as if they do not. Nevertheless, there are quite obvious intuitions to be invoked in this case: For instance, researchers may be thought to compete for the same hierarchy of journals, which radically diminishes the importance of geographical distance. (See the Cambridge Conspiracy)What if economic theory is applied to ourselves (e.g. economists)? What kind of economic output should we expect according to economic theory? How is the production of knowledge and the organizational structure related? This thought experiment gives a game-theoretical treatment of such questions. Its insights carry over to a more general set of institutions under limited liability, and could in principle be employed to discuss media, environmental non-profits, human rights organizations, foreign aid etc. with minor modifications. If the non-profit sector fails altruism or its grass-roots stakeholders when confronted with powerful interests, it stands to reason that other sectors will face similar difficulties or worse. Please forgive the typos involving old notation. If you see them, you probably understand anyway. Paper 2Economists have been puzzled over the fact that most schools are public. For instance, in his 'fixture of graduate programs in economics', Macroeconomic Analysis, the famous economist Varian (1992) insists that education is a schoolbook example of an 'inherently private good'. According to him, it is treated as a public one for political reasons. (Varian, p.414)However, I argue that if one departs from basic facts of what constitutes an education, it becomes immediately obvious that externalities and thus market failure is at the heart of the really-existing education systems. Profit oriented ones especially. The bare-bones framework of this paper essentially relies on a few natural assumptions: Knowledge accumulates, i.e. it is based on previous insights; the relationship between a tutor and a student is relativistic in terms of their (costly) contributions to the accumulation of knowledge; and decisions today may be based on future prospects.In Economics, the remedy to externalities in an environment of private firms, and in the grey areas of public-private partnerships, comes from the Nobel laureate Oliver Hart. From a list of stylized facts, the most crucial were selected and reconciled with his work on contract theory to improve on the details. The resulting framework is then shown to be qualitatively consistent with the whole set of observations, and thus an acceptable minimalist theory of the education system from a contract-economics perspective. It is moreover consistent with pedagogical perspectives and intuition unknown to me at the outset. However, the main result is that these uncontroversial facts are not simultaneously consistent with a contract which can meaningfully optimize production. Socioeconomic reality and opportunistic behavior overwhelms such attempts.Thus, the literature drawing upon Hart's work up to that point is confronted with formidable challenges in education settings as well. In view of this, the neoclassical stance seems out of touch with even modest attempts to describe reality. The mainstream link between effort and personal characteristics, such as ability, exists only as a special case in a decision embedded in a richer set of socioeconomic relations. The finesse of this thought experiment is to be found in what a still-life modeler would see as a weakness – namely its simplicity, and adherence to standard assumptions regarding functional form. Human-capital formation is treated as a game of strategic interaction between a citizen and the educational system consisting of two separate stages which correspond to elementary and higher education. The product of the interaction is human capital and the equilibrium outcome at the first stage affects the student's productivity at the second stage of higher education. This research shows how the intertemporal nature of learning opens up for opportunism between elementary and higher education and limits the scope of using non-profits against cost-savings in the presence of for-profit firms. The character of relevant school reform will in general depend on the impact of changes at the structural level relative to the impact of reform aimed at the interpersonal level within the classroom domain. The analysis suggests that pedagogical orientation and the pupil's aim or predisposition to be forward looking, are important determinants of learning outcomes. We show that what happens between the classroom walls is decisive for how the human capital stock is affected in different contractual settings.For more info about the author, please visithttps://manneecheverria.wordpress.com/

Export diversification can lead to higher growth. Developing countries should diversify their exports since this can, for example, help them to overcome export instability or the negative impact of terms of trade in primary products. The process of economic development is typically a process of structural transformation where countries move from producing "poor-country goods" to "rich-country goods." Export diversification does play an important role in this process. The author also provides robust empirical evidence of a positive effect of export diversification on per capita income growth. This effect is potentially nonlinear with developing countries benefiting from diversifying their exports in contrast to the most advanced countries that perform better with export specialization.