This one is hauled from the archives from Aug 2013. Bhagwati on Democracy and Markets. In that post I quote Bhagwati’s three broad lessons that arise from his typology of countries into a democracy-market space.
Thus spake Heinlein. “The America of my time line is a laboratory example of what can happen to democracies, what has eventually happened to all perfect democracies throughout all histories.”
Institutions as Ideas Institutions defined most generally are essentially ideas. They are big ideas, ideas that are persistent and which have a profound effect on the populations that evolve, and adopt, the ideas. Examples of powerful institutions – therefore powerful… Read More ›