Eminent Domain Has it All (Part 1)
When we look “out the window” and observe political economy in action, what is a useful method for understanding and explaining the outcomes? The framework that Wayne and I develop in the book begins by explaining observable outcomes as the product of incentives, and incentives are in turn shaped by institutional rules. So far that’s pretty standard stuff, thanks to the work of Douglas North and others. These days, political economists today are familiar with…
Read more»