Those who get in touch with rule-of-law institutions perceive that they work worse. Optimism on the functioning of institutions seems to be the privilege of the inexperienced, especially those with more education. Evaluation of legal institutions is necessary for making … Continue reading
In “Religion and the European Union,” we point out that the recent literature on cultural differences across euro member states fails to address cultural differences between Protestants and Catholics, which are likely a major underlying reason for cross-country differences. We … Continue reading
From Coase (1960) to Akerlof (1970), Williamson (1979), and Grossman and Hart (1986), economic models assume that transactors are well informed on the allocation of property rights prior to contracting. While this assumption is useful to keep formal analysis tractable, … Continue reading
In this edition of CIBER Focus, Benito will talk to us the business formalization process, measures of business success, and government policies that control the business environment. (Video, 12 mins.).
Efforts to plan economic development tend to apply uniform and supposedly optimal solutions, increasingly expressed in terms of targets, such as, in the area of interest here, the percentage of registered and properly mapped land. (See, e.g., the UN’s Sustainable Development … Continue reading
In this new Working Paper with Luis Garicano, we argue that, by allowing networks to split, decentralized blockchain platforms protect members against hold up, but hinder coordination, given that adaptation decisions are ultimately decentralized. The current solutions to improve coordination, based on … Continue reading
By Benito Arruñada and Albert Satorra. Adapted translation of “Separatismos divergentes,” El País, May 17, 2018, p. 14. The outcome of the pro-independence procès has reopened the historical fracture in the separatist movement. The disagreements among its leaders are … Continue reading
Discussions on economic development have lately focused on the role of institutions in protecting property rights and reducing transaction costs. In particular, the idea has taken root that development would benefit from facilitating access to legality. It is thought that, … Continue reading
To what extent did Ancient Roman institutions facilitate the free exchange of economic resources? In “The Institutions of Roman Markets,” I explore the palliative methods used by Roman law to enable market exchange. The paper, whose Working Paper you can download here, … Continue reading
Video of my talk in a Seminar of experts in company history, law and organization held at the University of Murcia in January 28, 2015.