"It was the
rule of law. Will it be the rule of judges?” [Revue Économique, 58 (6), Novembre 2007, pp.
Gregorian revolution introduced the rule of law in the West and created
necessary (but not sufficient) conditions for growth to take off. This
analyzes some of the consequences provoked by the evolution in the
the rule of law – from being based upon God-given natural law to
popular sovereignty. It concludes that the importance of the rule of
the differences in legal systems and of constitutions is probably
It suggests that the successor to the medieval notion of the rule of
law is in
fact a mix of procedural political correctness, social preferences and
efficiency. As a result the main player becomes the judiciary, whose
patterns should become the object of further analysis.
* "Early work experience and
the transition into entrepreneurship" (with A. Melnik) [The Journal of
Entrepreneurial Finance & Business Ventures, 12(1), August 2007,
pp. 9-25] download
funders: an introduction to entrepreneurship and venture capital" (with
Melnik) [ICER Working Papers, 2005]
focusing on the economics of productive and unproductive
entrepreneurship and in particular on the mix of entrepreneurial
this paper explains the role and the presence of venture capitalism in
different institutional contexts. These
context are defined in terms of property rights, freedom of contract
shown that venture capitalism is just one among the various
transforming good ideas into success stories; and that tends to be
discarded when the rules of the game
are such that transaction costs are high and less than transparent.
venture capitalism tends to be positively correlated with growth, it is
necessary condition for growth. But its presence can provide important
as for the nature of the prevailing institutional framework and
unexploited opportunities to direct entrepreneurial resources toward
and Economic Policy (the Austrian
Road to the Third Way)", [in Alain Marciano and Jean-Michel Josselin (eds.),
and Coercion: a Law and Economics Approach, Cheltenham: Edward Elgar,
July 2007, pp. 46-66] download
examining Hayek’s approach to economic policy, this paper tries to show
his understanding of a free-market society was ambiguous, if not
Hayek was indeed following the Austrian tradition by rejecting
views of policy-making. Nevertheless, he advocated a constitutional
ultimately based on the rule of law created behind a veil of ignorance.
Regulation and a fairly extensive welfare state are not ruled out
are subject to evaluation through a mix of rule of law (what that
public opinion, common sense.
close inspection of the Road to Serfdom, the Constitution of Liberty,
Legislation and Liberty this contribution concludes that not only does
fail to provide clear answers to the fundamental questions of economic
He also advocates a Third Way characterised by enlightened social
In particular, the state has the duty to provide a suitable framework
individual to develop his action, and to meet those social needs that
market fails to satisfy.
Institutional Approach to
Development and Transition: towards an Evolutionary Perspective" [Procesos de Mercado, III (1), Primavera
principles underlying evolutionary psychology suggest an approach to
Economics that tends to reject top-down policy making and encourages a
bottom-up stance, whereby rules lead to behavioral routines that are
with individuals’ shared psychological patterns
. The view proposed here is
fruitful from a methodological perspective, in that it allows a new
classification of societies, new insight on their prospects for
growth, an innovative appreciation of the chances for successful
areas that have undergone substantial political transformation.
Malinvestment enough to go bust?"[Journal of Libertarian
Studies, 19 (3), Summer 2005, pp. 3-32] download.
* "Sulle dinamiche del
[in L. Infantino, N. Iannello, Ludwig von Mises: le Scienze Sociali
nella Grande Vienna, Soveria Mannelli: Rubbettino, 2004, pp.87-114] download
Contrariamente alla maggior parte delle
analisi tradizionali, infatti, la visione originaria Mises non spiega
ciclo richiamandosi a shock esogeni o a illusioni di cui sarebbero
gruppi di agenti economici. Per contro, l'accento viene posto sul
dell'inflazione sequenziale generata dal sistema bancario e dalla
nei fondamentali a essa legata.
Questo contributo si inserisce nel solco austriaco, ma intende
approfondire non tanto la fase di espansione - oggetto principale
misesiana - quanto i periodi di crisi e depressione, caratterizzati
dinamica dei prezzi relativi e dai suoi effetti in termini di consumo,
di produzione, di comportamenti sul mercato dei fattori. In
si sostiene che, a seguito della crisi, l'andamento della domanda di
provoca l'acquisizione di rendite di posizione; queste spiegano il
dei periodi di crescita modesta, se non di stagnazione.
* Book Review:
Democracy, by D. Prychitko” [Markets and Morality, 6, 1, 2003,
* "Towards a
non-Darwinian theory of
change" [Journal of Bioeconomics, 5(1), 2003, pp. 1-25]
The paper emphasizes two flaws in mainstream economics: the
failure to understand actual human behavior in many real contexts and
belittling of transaction costs. By stressing the role of knowledge,
transaction costs and path dependence, new institutional economics has
provided a powerful answer to these shortcomings. Nevertheless, a
of questions remain open. In particular, path dependence is far from
a continuous process. Its dynamics and its irregularities are by and
unexplained. Hence, a strong need for a convincing evolutionary theory
of environmental change.
This paper maintains that the natural-selection process that
characterizes the Darwinian approach is ill suited to describe economic
evolutionary processes. It is shown that a combination of functional
and natural selection may indeed be a better solution, for it solves
of the puzzles raised by the public choice theory without violating the
fundamental tenets of the new-institutional approach. Still, although
combined view may well explain why the institutional features are
by the system, it does not clarify why they are introduced in the first
A third possibility is put forward in the second part of the
paper, where a new evolutionary theory is suggested. Within this
agents are assumed to behave according to their preferences within the
existing rules of the game. At the same time, new ideas and sometimes
ideologies may influence their behavioral patterns. The combination
needs and ideologies generates environmental change, especially if
“ideological entrepreneurs” are able to transform latent and shared
into an institutional project and enforce it.
* "Why is corruption
[Review of Austrian Economics, 16(4), 2003, pp. 363-379] download
It is maintained that a closer analysis of the
of the underlying contract reveals that under many circumstances
is in fact a rational and understandable reaction to institutional
which are often far from accidental. Sometimes it can even be
legitimate, when instrumental in achieving goals shared by the vast
of the electorate.
To this purpose, three different stylized institutional
are analyzed: developed, totalitarian and transition countries. The
scope and consequences of corruption vary significantly across the
frameworks. The normative conclusions should therefore be adjusted
* “Economia : scienza inesistente?
autobiografica con Sergio Ricossa”, (a cura di, con R. Cubeddu), [Il
Economico Italiano, IX, 2001, 1, pp.187-199] download.
* "Transformation 'West' und
[in M. Zoeller (ed.), Vom Betreuungstaat zur Buergergesellschaft, J.P.
Bachem Verlag fuer die Hanns Martin Schleyer-Stiftung, Koeln, 2000,
* "On the legitimacy of mainstream
[in K. Leube (ed.), Vordenker einer neuen Wirtschaftspolitik,
Allgemeine Buch for the F.A. von Hayek Institut. and the IIAE, Wien,
* "Economia delle Fondazioni -
Commento", [in L. Filippini (ed.), Economia delle Fondazioni, Il
Bologna, 2000, pp.239-246] download
* "Journal articles
the Italian Economy, 1980-1996", with Joe C. Davis and David E.
Gay [Economia Internazionale, LII, 3, Agosto 1999, pp. 317-326]
We analyze over 1900 articles about the Italian
economy published in the scholarly journals indexed by the Journal of
Literature from 1980 to 1996. We rank journals by pages devoted to the
Italian economy, and we identify changes in the popularity of research
fields such as regional and labor economics. The study concludes that
declined over the period among authors and journals.
* "Free-market economies,
and policy-making", [Ch.9 of S. Pejovich, Economic Analysis of
and Systems (2nd edition), Kluwer Academic Publishers, 1998] download
paper analyzes the main features of
a free-market system, where uncertainty can be reduced, but not
and government intervention is legitimate only when it derives from a
principal-agent link between policymakers and a very large majority of
the population. In particular this requires a tight constitutional
so that incumbent policy makers can be removed whenever they engage in
rent-seeking activities and violate the principal-agent contract.
This work explains why government agents usually manage to
some power, not only authority. As a consequence, free-market
are violated, and individual property rights are transferred to an
which goes beyond the level some individuals are willing to agree to.
governments still draw their legitimacy from the people, the
link is weakened, and a free-market model is replaced by a mixed
Constitutional engineering may help in slowing down the involuntary
of power from the individuals to government(s), but it cannot stop it.
* "A rent-seeking view of the ageing problem in
developed countries", [Economia delle Scelte Pubbliche, 2/3, 1996, pp.
paper considers the ageing problem
the outcome of the changing equilibrium between the coalitions involved
in the provision of the welfare state and of state pensions. The
inherited from the past consists of an unfair deal between a relatively
small number of workers and a relatively large numbers of non-voting
It is argued that such a deal allowed social expenditure to expand at
expense of future workers. Future workers have now become voting
who realize that they cannot transfer the unfair deal to future
for lack of future workers supporting future pensioners. As a
present workers are bound to renegotiate the deal with present
and confront the powerful bureaucratic coalition. Possible solutions to
this conflict are presented and discussed.