Journal of Institutional Economics Blog

Geoffrey Hodgson writes on the the importance of the distinction between formal and informal institutions, and the normative force of the law. "Stressing the importance of clear definitions in this area, this paper shows that slight modifications yield strikingly different results. Contrary to some accounts, informal institutions can sometimes change rapidly, particularly in response to legislation. Informal rules normally play a vital supporting role in the enforcement of legal rules...Law is not simply an expression of authority but is also a constitutive part of the institutionalized power structure. Law is also a great motivational force. It works not simply through threat of punishment but also because of commitments to what is perceived as legitimate authority." https://lnkd.in/eHFwE5Q4

Stagnating productivity, anxiety, & polarisation? Shaun Hargreaves Heap and Paul Lewis write on why Walter Lippmann may be as relevant today as in the 1930's. He argued that economic security is essential for risk-taking, innovation, and sustained productivity growth. In an age of rising anxiety and polarization, Lippmann’s call for policies like social insurance to counteract insecurity is more relevant than ever. He also highlighted the importance of promoting positive-sum activities that expand the economy over zero-sum behaviors like monopolies or tax loopholes. Lippmann’s focus on "rules of the game" rather than specific outcomes makes him a crucial thinker for navigating economic and social complexity today. Read more https://lnkd.in/eW-dUQqU

Cartels are about more than maximising profits. They're complex, polycentric organizations with sophisticated governance that helps them: ?? Stay stable despite size ??? Minimize legal risks ?? Adapt to changing markets https://lnkd.in/efysGAhA By treating cartels as intricate governance systems, W. Benedikt Schmal uncovers how they persist—challenging everything we thought we knew about corporate collusion. Key takeaway: Understanding their inner workings is crucial for effective regulation. #EconomicResearch #CorporateGovernance #InstitutionalEconomics

The Journal of Institutional Economics Blog is now on Linkedin! We're dedicated to bringing you cutting-edge academic thinking on institutions in bite-sized engaging 1000-word summaries. ?? About Our Blog: Transforming specialized academic writing into clear, compelling narratives Highlighting groundbreaking work in institutional economics Creating a platform for interdisciplinary dialogue JOIE's multi-disciplinary approach continues to welcome contributions from: Economics Sociology Political Science Anthropology Psychology Law Philosophy Management Studies Historical Research Whether you're an established researcher, an emerging scholar, or simply curious about how institutions shape our economic world, our blog offers unique insights. ?? Join Our Community: Follow our page for regular research summaries Engage with cutting-edge institutional economics research Connect with a diverse academic network Discover innovative perspectives across disciplines https://lnkd.in/ehBkEhtf #AcademicResearch #Institutions #Interdisciplinary #ResearchCommunity Let's continue bridging knowledge and understanding, one summary at a time.