360 research outputs found

    Billionaires

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    Existing studies of entrepreneurship focus on entrepreneurs whose individual contribution to wealth creation is typically trivial: self-employed persons. This paper investigates entrepreneurs whose individual contribution to wealth creation is enormous: billionaires. We explore the relationship between economic development, institutions, and these contrasting kinds of entrepreneurs. We find that the institutions consistent with self-employed entrepreneurs di¤er markedly from the ones consistent with billionaires. Further, only the latter are consistent with the institutions that underlie economic prosperity. Where well-protected private property rights and supporting, market-enhancing institutions flourish, so do billionaires. But self-employed entrepreneurs don't. Where private property rights are weakly protected and interventionist institutions flourish, so do self-employed entrepreneurs. But billionaires don't.Billionaires; Entrepreneurship; Self-employment; Institutions

    Quasimarket failure

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    The efficiency of “quasimarkets”—decentralized public goods provision subjected to Tiebout competition—is a staple of public choice conventional wisdom. Yet in the 1990s a countermovement in political economy called “neoconsolidationism” began to challenge this wisdom. The neoconsolidationists use the logic of government failure central to public choice economics to argue that quasimarkets fail and that jurisdictional consolidation is a superior way to supply public goods and services in metropolitan areas. Public choice scholars have largely ignored the neoconsolidationists’ challenge. This paper brings that challenge to public choice scholars’ attention with the hope of encouraging responses. It also offers some preliminary thoughts about the directions such responses might take.Public Goods; Quasimarkets

    Application of a 10 week coaching program designed to facilitate volitional personality change : overall effects on personality and the impact of targeting

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    The current study explored the outcomes of a 10 week coaching program designed to facilitate volitional personality change. It also explored the impact of targeting specific personality facets on change. This research builds upon the burgeoning literature challenging the view that personality is fixed. The results of the study indicated that the 10 week program resulted in significant increases in participant's conscientiousness and extraversion and significant decreases in neuroticism. These changes were maintained 3 months post-intervention for neuroticism and extraversion. Targeting of associated facets significantly interacted with time during the intervention period for emotionality and conscientiousness, but not for extraversion

    Trading with Bandits

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    Abstract Is it possible to trade with bandits? When government is absent, the superior strength of some agents makes it cheaper for them to violently steal what they desire from weaker agents than to use trade to obtain what they want. Such was the case with middlemen who interacted with producers in late precolonial west central Africa. In the face of this threat, producers employed two mechanisms to make exchange with middlemen possible. On the one hand, they used credit to alter middlemen’s cost‐benefit structure of engaging in plunder versus trade. On the other hand, producers demanded tribute from traveling traders as a risk premium. By transforming traveling traders’ incentive from banditry to peaceful trade and reducing producers’ costs associated with interacting with middlemen, these mechanisms enhanced both parties’ ability to capture the gains from exchange

    What Aid Can't Do: Reply to Ranis

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    High Priests and Lowly Philosophers: The Battle for the Soul of Economics

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    Structural equation modelling to assess relationships between event-related potential components, heart rate and skin conductance in the context of emotional stimuli

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    Abstract of a poster presented at the 17th World Congress of Psychophysiology (IOP2014) of the International Organization of Psychophysiology (IOP) Hiroshima, Japan, September 23rd to 27th, 2014

    How important is state enforcement for trade?

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    Abstract This paper investigates the effect of state contract enforcement on international trade. Following Rose (2004a), I estimate a gravity model of bilateral trade using panel data that covers 157 countries over the last 50 years. I find that state enforcement increases trade between nations-but less impressively than its status as essential for flourishing trade suggests. My analysis provides the first direct evidence of state enforcement's impact on trade in general and international trade in particular. (JEL Codes: K33, F10
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