Institutional Problems Demand Institutional Solutions

by Peter Boettke on February 15, 2013

Knight and Johnson have produced one of the most profound books in recent memory dealing with the questions of political structure and the processes that are necessary to reconcile our differences and to learn to live better together. They begin with the profound recognition of our deep differences in beliefs, personality, talents, and circumstances, and yet acknowledge that we must find a way to coordinate our activities to realize the social gains from cooperation. The answer is to be found in the institutions within which we interact with one another. Ultimately, they provide a fresh argument for the strong claim in political economy— that being, while people no doubt populate the political landscape, effective social change isn’t about people, but about the proper institutions. Institutional problems demand institutional solutions. [click to continue…]