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Surprising institutions

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Author

Editor

  • George C. Bitros
  • Nicholas Kyriazis

Summary, in English

This paper introduces the notion of surprising institutions. We often carry incorrect beliefs about the world surrounding us and we are often mistaken about the nature of the institutional structure. The case story in this paper shows that an institution may come as a surprise, even though its origins lies some 500 years back, and that the information we receive as feedback on our actions does not necessarily improve our understanding of the institutional structure. It turns out that it is possible for an “ordinary citizen (professor of economics)” to win a case against a multinational corporation and an age-old government agency (what a surprise!), but it also transpires that even if you win, you lose (not quite a surprise).

Publishing year

2014

Language

English

Pages

93-108

Publication/Series

Essays in contemporary economics

Document type

Book chapter

Publisher

Springer

Topic

  • Economics

Keywords

  • institutions
  • surprising
  • beliefs
  • property rights
  • mining

Status

Published

ISBN/ISSN/Other

  • ISBN: 978-3-319-10043-2
  • ISBN: 978-3-319-10042-5