Blog Posts on institutional economics
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The economics of bus accidents and traffic by FOO Law and Economics on Sep 28, 2010Here comes a proposal to change the way bus drivers, especially on EDSA, are paid. Supposedly, if they were on fixed salary, drivers would behave better and cause fewer accidents and traffic jams. The incentives to drive recklessly in search of a...
Wowowee is gone? by FOO Law and Economics on Jul 30, 2010I was never a fan of the tv program. I believe it is a form of mass media exploitation of the poor, though it can be argued that the poor willingly allowed the exploitation. But will tv programs like it easily go away? Filed under: essays, institut...
Why the Philippines is poor – a retake by FOO Law and Economics on Feb 22, 2010It’s been almost exactly a year since I posted on this subject. That post was the most-hit in this blog, so it must be a “burning” issue out there. But it’s time for some rethinking. The question is not why we are poor. It is why a few...
How to cheat an automated election – a theoretical and hypothetical discussion from Institutional Economics by FOO Law and Economics on Feb 19, 2010In his 2007 book, The Institutional Economics of Corruption and Reform: Theory, Evidence and Policy, Johann Graf Lambsdorff outlined a theory of corruption. Briefly, he surmises that corruption is a preventable crime if there is a sufficient incen...
Money is an illusion by FOO Law and Economics on Feb 18, 2010Believe it. Or not. Filed under: economic thought, institutional economics Tagged: money, satire...
The mystery of the Philippine economy – or why we are poor redux – or why blame (the rain in) Spain by FOO Law and Economics on Jan 26, 2010In a 2007 article, Robert H. Nelson, concludes that we are poor because the Americans were not good enough in eradicating our Spanish-based religion and culture. In caricature, the story is: It’s all the fault of the Spanish friars and our ow...
Religion and economics by FOO Law and Economics on Sep 29, 2009How does organized religion work? Why do some preachers make a lot, while others make a little? Can an economic model of religion explain why American football quarterbacks make a lot? I try to answer these questions in this post. In economics, we...
Worrying about the economic recovery – or searching for Nassim Taleb’s Black Swan by FOO Law and Economics on Aug 17, 2009As the global economy appears to come out of recession, it is natural to worry. Is it a temporary uptick? Will we have another 2008-type meltdown in the financial markets? If not that, what? For the moment, the economics profession has no ans...
Economic recovery, false rally, and the Taleb critique by FOO Law and Economics on Aug 17, 2009As the global economy appears to come out of recession, it is natural to worry. Is it a temporary uptick? Will we have another 2008-type meltdown in the financial markets? If not that, what? For the moment, the economics profession has no ans...
The Philippine unemployment problem – the influence of law and culture by FOO Law and Economics on Jun 25, 2009It’s been some five years since Prof. Sicat wrote about reforming the labor market. Yet, what he said then still makes the best sense. A main idea propounded by Sicat is that the labor laws protect the already employed but do little for the u...
