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We study the impact of an urban land titling program on firm investment in Shenzhen, China. We find that this program increased the investment rate for titling firms, but this positive effect only holds for politically connected firms. Further analysis suggests that the titling effect is more pronounced for those titling firms associated with greater expropriation risk. During program implementation, the connected titling firms increased their investment perhaps because, as observed, they experienced fewer disputes than non-connected titling firms. [ABSTRACT FROM AUTHOR]

The relationship between institutional quality, financial development, and economic growth has been well documented in the literature. However, much less work has been done the effect of judicial independence (JI) on financial market development (FM) in particular. This paper fills that gap using the JI score and FM in the context of 23 emerging markets (as identified by the Financial Times Stock Exchange Group) over the period 1980–2021. Overall, the results suggest that, in selected emerging markets JI fosters FM. Interestingly, the results across various quantiles of JI show that low JI hampers FM, but a medium and high level of JI boosts FM in these markets. These results are robust to several specifications. To the best of our knowledge, this is the first study to examine the direct impact of JI on FM and confirms the theories on new institutional economics as well as law and finance in emerging markets.

This paper introduces the concept of institutional resilience based on a population game. Agents in an economy are randomly matched to play a coordination game with two strategies, cooperate and defect. A breach of contract can be adjudicated in court. Agents can update their strategy, which is modelled using the replicator dynamic. In this context, cooperation is defined as the informal institution, whereas the legal system (contract law) constitutes the formal institution. Institutional resilience is defined by how the formal institution of a functioning legal system complements the informal institution of cooperation in a dynamic way. In the wake of an adverse exogenous shock, the formal institution can prevent a total breakdown of cooperation in the population. [ABSTRACT FROM AUTHOR]

The importance of private property has been controversial in Catholic social thought and teaching down the ages. The approach of the Catholic Church to the question of property rights has been discussed by a number of Austrian-school authors, though their focus has been on teaching documents from 1891 to 1931. During that period, and up to the mid-1960s, the modern teaching of the Catholic Church on the right to property tended to be extremely positive. Since that time, ambiguities have crept in, and Pope Francis in particular has given the impression of being lukewarm towards the right to property. We discuss whether Pope Francis's position is radical within the tradition of Catholic social teaching and conclude that it is not especially so, though his emphasis is more negative than that of previous popes and his reasoning not always sound. It is also found that the Catholic Church has left undeveloped the link between private property, economic development and environmental outcomes despite the interest of the Church in poverty and environmental degradation. This, together with the lack of discussion of the exceptions to the general rule of support for private property, is a real omission in Catholic Church teaching. [ABSTRACT FROM AUTHOR]

The present paper assesses the loan utilisation and repayment behaviour of loanee or indebted farmers in Haryana, India.

In recent years, the data trading industry has thrived on data assetization. However, given the increasing privacy concerns of the main data providers—individual users—their willingness to disclose data is in decline. Meanwhile, enterprises may violate privacy laws by profiting from co-creation data without user permission, blocking a significant amount of co-creation data from full circulation. This study establishes the utility function of users under three choices—purchase, sale, and maintaining the status quo—that quantify the privacy calculus mechanism and introduce privacy-related variables, employing references and interviews with Tencent employees and users. Accordingly, examining the decision-making behavior of users helped establish a data property rights two-way transaction model comprising six scenarios and, hence, six corresponding platform decisions. Indeed, the model can solve the noted dilemma and realize a Pareto improvement of the utilities of the platform and users. This study contributes a new perspective, constructs a data property rights two-way transaction model, expands the pricing theory boundary, and provides a decision reference for data trading practice, allowing enterprises to establish new business models.

The Rule of Law serves, under a broadly accepted notion of justice, the enforcement of property rights and a relative predictability of citizen affairs, i.e. it fosters Public Value. However, it is subject to risks that materialise in weakened institutions, uncertainty and transaction costs. The connection between Public Value and the Rule of Law becomes salient when understanding how the latter degenerates at the expense of the former. This article provides two theoretical frameworks that explain the connection between the two concepts, as well as three manifestations of the Rule of Law’s decay. These comprise the excess of legal-formalism, the excess of discretion in enforcement and the instrumentalisation of the law, i.e. when it embodies injustice. Although they vary depending on the legal system, these aspects build a conceptual body that illustrates how contingent legal outcomes affect society, developing Daly’s (2019) concept of democratic decay in the economics and business literature.

Any gene therapy for cancer will be predicated upon its selectivity against cancer cells and non-toxicity to normal cells. Therefore, safeguards are needed to prevent its activation in normal cells. We designed a minimal p14ARF promoter with upstream Ap1 and E2F enhancer elements and a downstream MDR1 inhibitory element, TATA box, and a transcription initiation site (hereafter p14ARFmin). The modified p14ARFmin promoter was linked to bicistronic P14 and truncated BID (tBID) genes, which led to synergistic apoptosis via the intrinsic and extrinsic pathways of apoptosis when expressed. The promoter was designed to be preferentially activated by mutant Ras and completely inhibited by wild-type p53 so that only cells with both mutant Ras and mutant p53 would activate the construct. In comparison to most p53 gene therapies, this construct has selective advantages: (1) p53-based gene therapies with a constitutive CMV promoter cannot differentiate between normal cells and cancer cells, and can be toxic to normal cells; (2) our construct does not induce p21WAF/CIPI in contrast to other p53-based gene therapies, which can induce cell cycle arrest leading to increased chemotherapy resistance; (3) the modified construct (p14ARFmin-p14-tBID) demonstrates bidirectional control of its promoter, which is completely repressed by wild-type p53 and activated only in cells with both RAS and P53 mutations; and (4) a novel combination of genes (p14 and tBID) can synergistically induce potent intrinsic and extrinsic apoptosis in cancer cells. [ABSTRACT FROM AUTHOR]

Protection rent is a helpful concept for understanding the role of violence in the racialized stratification of wealth accumulation. In the USA, persons institutionally classified as white have faced lower prices for protection from violence than have persons classified as non-white. Thus, whites have received protection rents that have systematically increased their accumulated wealth. Historian of medieval Venice, Frederic Lane created the concept of protection rent to describe the economic advantage that some economic actors enjoyed over others as a result of paying a lower price for protection from the purveyor of force with which they were aligned. This article applies Lane's concept of protection rent to the variable cost of protection faced by economic actors in the USA, where racialization is associated with significant differences in wealth accumulation. [ABSTRACT FROM AUTHOR]

An increasing body of evidence in recent years supports an association of the betaretrovirus mouse mammary tumor virus (MMTV) with human breast cancer. This is an issue that still raises heated controversy. We have come to address this association using the signal peptide p14 of the MMTV envelope precursor protein as a key element of our strategy. In addition to its signal peptide function, p14 has some significant post endoplasmic reticulum (ER)-targeting characteristics: (1) it localizes to nucleoli where it binds key proteins (RPL5 and B23) involved (among other activities) in the regulation of nucleolar stress response, ribosome biogenesis and p53 stabilization; (2) p14 is a nuclear export factor; (3) it is expressed on the cell surface of infected cells, and as such, is amenable to, and successfully used, in preventive vaccination against experimental tumors that harbor MMTV; (4) the growth of such tumors is impaired in vivo using a combination of monoclonal anti-p14 antibodies or adoptive T-cell transfer treatments; (5) p14 is a phospho-protein endogenously phosphorylated by two different serine kinases. The phosphorylation status of the two sites determines whether p14 will function in an oncogenic or tumor-suppressing capacity; (6) transcriptional activation of genes (RPL5, ErbB4) correlates with the oncogenic potential of MMTV; (7) finally, polyclonal anti-p14 antibodies have been applied in immune histochemistry analyses of breast cancer cases using formalin fixed paraffin-embedded sections, supporting the associations of MMTV with the disease. Taken together, the above findings constitute a road map towards the diagnosis and possible prevention and treatment of MMTV-associated breast cancer. [ABSTRACT FROM AUTHOR]

For two decades, economic agents have been investing in the personal data-driven industry on the assumption that courts, the keepers of the legal systems, would have backed their claims, turning their technological control of personal data into legally protected property rights. Courts' backing has proved only temporary as they are now revising early solutions by constraining collection, use, and trade of personal data to protect the hierarchically superior rights. The theory of 'legal bubbles' rationalizes the economics underlying the legal shockwaves affecting the personal data-driven economy. 'Legal bubbles' tend to arise when economic agents invest in the economic exploitation of a new resource in a context of uncertainty and ignorance about the legal implications of innovative activities. These legal foundations may eventually turn out to be unstable as a result of courts' ex-post attempt to re-adapt them to the previously ignored implications of unconstrained commodification, with disruptive economic consequences. [ABSTRACT FROM AUTHOR]

Differentiating various types of entrepreneurs provides clues to the puzzle of why vertical or top-down policies often fail to create Schumpeterian entrepreneurship and the ecosystems where it thrives. Schumpeterian entrepreneurship is intrinsically contrarian, whereas public policy has a bias toward incremental innovation and replication of past success. If central planners knew what the next radical innovation would be, there would be no need for Schumpeterian entrepreneurs. Schumpeterian entrepreneurs create not only companies but also institutions in the entrepreneurial support system. These ever-evolving structures are too complex to design, and central planning instead reduces the space for organic institutional innovation. [ABSTRACT FROM AUTHOR]

Since its discovery as a milk factor, mouse mammary tumor virus (MMTV) has been shown to cause mammary carcinoma and lymphoma in mice. MMTV infection depends upon a viral superantigen (sag)-induced immune response and exploits the immune system to establish infection in mammary epithelial cells when they actively divide. Simultaneously, it avoids immune responses, causing tumors through insertional mutagenesis and clonal expansion. Early studies identified antigens and sequences belonging to a virus homologous to MMTV in human samples. Several pieces of evidence fulfill a criterion for a possible causal role for the MMTV-like virus in human breast cancer (BC), though the controversy about whether this virus was linked to BC has raged for over 40 years in the literature. In this review, the most important issues related to MMTV, from its discovery to the present days, are retraced to fully explore such a controversial issue. Furthermore, the hypothesis of an MMTV-like virus raised the question of a potential zoonotic mouse–man transmission. Several studies investigate the role of an MMTV-like virus in companion animals, suggesting their possible role as mediators. Finally, the possibility of an MMTV-like virus as a cause of human BC opens a new era for prevention and therapy. [ABSTRACT FROM AUTHOR]

In their seminal 2001 work, Acemoglu, Johnson, and Robinson (AJR) argued that institutions influence economic development, using the logarithm of settler mortality as an instrument to establish a causal effect. A number of economists and other social scientists have challenged this work in terms of both data and identification strategy. Some of those criticisms concerned the IV estimated coefficients and standard errors, which were nearly twice as large as the OLS coefficients and standard errors. The research uses machine learning to test the robustness of AJR's findings. Using the AJR dataset, which I randomly divide into training data and testing data, I am able to predict the average protection against expropriation risk from settler mortality. These predicted values of property rights protection are then regressed on per capita GDP growth. The results indicate a strong and positive effect of property rights protection on growth, consistent with AJR's earlier results. Moreover, the use of machine learning to obtain institutional values yields estimates close to the OLS estimates, unlike AJR. Removing African countries and Neo-European countries, such as Canada, Australia, USA, and New Zealand, does not alter the sign and significance of the coefficient of interest. These results suggest that machine learning can be helpful to economists facing data issues. [ABSTRACT FROM AUTHOR]

This paper addresses a question which is fundamental to the perceived legitimacy of the distribution of resources today: to what extent does unfairness in how assets came to be acquired in the past affect incomes and wealth now? To answer that question requires two things: first, a principle to determine what is, and what is not, a just acquisition of wealth or a just source of income; second, a means of using that principle to estimate what fraction of wealth and income is now unjust. I use a principle put forward by Robert Nozick to provide the first of these things and then use a model of wealth accumulation and economic growth to illustrate its implications for the scale of unfairness today. The greater is depreciation of assets, the higher are saving rates out of labour income and the less important is human capital the more transient are the effects of past economic injustices. I use data on the perceived unfairness of economic outcomes to see if there is any evidence that those features which the model implies should influence the durability of injustice help explain cross-country differences in attitudes towards unfairness. [ABSTRACT FROM AUTHOR]

We provide an overview of housing privatization policies and outcomes in transition economies. Our primary aim is to collect and systematize key information concerning the institutional features of housing privatization in individual countries: we identify the initial conditions, the timeframe of housing privatization and its culmination, the extent of housing privatization, who decided about its terms and conditions, who was entitled to privatize the housing, and at what price. Furthermore, using micro-data covering all transition countries, we present new estimates of the extent of housing privatization, its dynamics during the second half of the 2000s, and the resulting housing tenure structure.

The implications of Knightian uncertainty are frequently discussed in the context of market-based institutional settings. Given money prices, entrepreneurs can engage in calculative action, in conjunction with 'judgment', to guide decision-making and bring about a coordination of production plans with consumer preferences. However, if the existence of Knightian uncertainty is ubiquitous and applies to all human action, then what are its implications in non-market institutional settings? This paper explores questions related to the implications of Knightian uncertainty for two important non-market institutional settings: democratic government and the nonprofit or philanthropic sector, where there is an explicit lack of monetary calculation, yet nonprofit and political entrepreneurs still must use 'judgment' to deal with Knightian uncertainty. For instance, what are the implications of private property and privatized cost in the case of nonprofits versus the absence of private property and socialized cost in the case of democracy, in the presence of Knightian uncertainty? Which group of 'consumers' is likely to have their preferences satisfied when it comes to nonprofits (benefactors or beneficiaries) and democratic government (voters or lobbyists)? The paper, thus, points to the importance of further research on the implications of Knightian uncertainty in the hard case of non-market institutional settings. [ABSTRACT FROM AUTHOR]

In many developing countries property rights over rural land are maintained through continuous personal use instead of by land titles. We show that removing the link between land use and land rights through the issuance of ownership certificates can result in large-scale adjustments to labor and land allocations. Using the rollout of the Mexican land certification program from 1993 to 2006, we find that households obtaining certificates were subsequently 28 percent more likely to have a migrant member. We also show that even though land certification induced migration, it had little effect on cultivated area due to consolidation of farm units. (JEL O13, O17, P14, Q15, Q18, Q24, Q28)

Any gene therapy for cancer will be predicated upon its selectivity against cancer cells and non-toxicity to normal cells. Therefore, safeguards are needed to prevent its activation in normal cells. We designed a minimal p14ARF promoter with upstream Ap1 and E2F enhancer elements and a downstream MDR1 inhibitory element, TATA box, and a transcription initiation site (hereafter p14ARFmin). The modified p14ARFmin promoter was linked to bicistronic P14 and truncated BID (tBID) genes, which led to synergistic apoptosis via the intrinsic and extrinsic pathways of apoptosis when expressed. The promoter was designed to be preferentially activated by mutant Ras and completely inhibited by wild-type p53 so that only cells with both mutant Ras and mutant p53 would activate the construct. In comparison to most p53 gene therapies, this construct has selective advantages: (1) p53-based gene therapies with a constitutive CMV promoter cannot differentiate between normal cells and cancer cells, and can be toxic to normal cells; (2) our construct does not induce p21WAF/CIPI in contrast to other p53-based gene therapies, which can induce cell cycle arrest leading to increased chemotherapy resistance; (3) the modified construct (p14ARFmin-p14-tBID) demonstrates bidirectional control of its promoter, which is completely repressed by wild-type p53 and activated only in cells with both RAS and P53 mutations; and (4) a novel combination of genes (p14 and tBID) can synergistically induce potent intrinsic and extrinsic apoptosis in cancer cells.

Property institutions should ideally provide economic actors with certainty that their local choices about investment will not be unsettled by shifting political economic equilibria. We argue that for this to occur, political autonomy, administrative and enforcement capacity, political constraints, and accessible legal institutions are each necessary. A comparison of the evolution of property rights for settlers and American Indians in the United States shows how political and legal forces shape the evolution of property institutions. American Indians, who had property institutions before Europeans arrived, could not defend their land from Europeans and later Americans due to lacking military capacity. Settlers' property rights were relatively secure because the government had sufficient autonomy and capacity to broadly define and enforce their rights, political institutions constrained the government from expropriating settlers' property, and legal institutions provided a forum for settlers to adjudicate and defend their rights in court. Native Americans, in contrast, had systematically inconsistent and often expropriative policy treatment by the government. Although tribes have technically been sovereign since the 1970s, tribal governments continue to lack sufficient political and legal autonomy and capacity to define and enforce property institutions in response to evolving local conditions. [ABSTRACT FROM AUTHOR]

Some industries are very dynamically competitive and characterized by much entrepreneurial innovation. Others are oligopolistic and still others are known for state favors and regulatory rents. In a market economy, competitive pressures cause businesses to continually adapt to changing conditions. Different approaches can be taken – entrepreneurial innovation, consolidation, and rent seeking are examples. This paper examines the characteristics of firms and productive assets that preserve an innovative, dynamic economy and hedge against rent seeking and crony capitalism. In an innovative, dynamic economy, profits can only be sustained against competition if a business has productive assets that offer a unique advantage over competitors. These assets can be termed amimetic assets, a term based on the Greek word amimitos, meaning "inimitable." When these assets can be acquired or developed through entrepreneurial discovery, business models can be oriented to exploit them. If this is more difficult in an industry, it will be more likely to be characterized by regulation and regulatory rents. Amimetic assets are thus fundamental to an innovative economy and are a major factor among many in determining whether a business obtains profits through repeated entrepreneurial discovery or rent seeking. [ABSTRACT FROM AUTHOR]

In all legal systems, possession and property are inextricably linked. Game theory captures this relationship in the Hawk–Dove game: players competing for an asset are better off when the possessor plays Hawk and the intruder plays Dove (the bourgeois strategy) so that property can emerge as a spontaneous convention. This theory has been supported by large experimental evidence with animals. This paper presents a lab experiment where possession is manipulated to study the emergence of the property convention with human subjects. We show that the highest coordination emerges when possession is achieved meritoriously and that possession induces only bourgeois coordination (never antibourgeois). [ABSTRACT FROM AUTHOR]

More than 40 years ago, János Kornai introduced his famous supermarket metaphor. Socioeconomic systems cannot be constructed from purposely selected features, similar to customers in a supermarket, who can freely put into their shopping trolley whatever they like. Systems constitute an organic whole. They contain good and bad features in fixed proportions. After 1990, Kornai and most Western commentators expected that as market integration and private property expand, China would eventually turn into a liberal democracy. Prior to the worldwide fall of communism, Kornai had three primary criteria to determine whether a country was socialist or capitalist; later he amended this with six secondary ones. The present paper introduces into this list an additional 11 criteria—i.e. 20 quantifiable metrics altogether. Kornai was among the very first to recognize that with President Xi Jinping taking charge, China made a U-turn. While capitalist elements remain strong, in the final analysis, the country is on its way back to where it was before 1978. [ABSTRACT FROM AUTHOR]

In this reply, I respond to and elaborate on the critique of my book "The Code of Capital" published in this special issue. The common thread of the critiques is the call for more theorizing of the themes the book addresses, especially the conception of state power, of resources, social relations and questions of knowledge and access to knowledge about the law, or epistemology. This reply is only a first response to issues that do require further analysis and I am hoping to follow suit on at least some of them in the near future. [ABSTRACT FROM AUTHOR]

This study analyzes the consequences of economic sanctions for the target country's human rights situation. We offer a political economy explanation for different types of human rights infringements or improvements in reaction to economic shocks caused by sanctions. Based on that explanation, we derive hypotheses linking sanctions to four types of human rights: economic rights, political and civil rights, basic human rights, and emancipatory rights. We use endogenous treatment regression models to test those hypotheses by estimating the causal average treatment effect of US economic sanctions on each type of human rights within a uniform empirical framework. Unlike previous studies, we find no support for adverse effects of sanctions on economic rights or basic human rights, once the endogenous selection of sanctioned countries is modelled. With respect to women's rights, our findings even indicate a positive effect of sanctions that is associated with improvements in women's economic rights. Only our results for political rights and civil liberties suggest significant deterioration under economic sanctions. We conclude that it is important to account for the potential endogeneity of economic sanctions and to distinguish different dimensions of human rights, as the effects of economic sanctions along those dimensions may vary considerably. [ABSTRACT FROM AUTHOR]

Rich economies are characterized by the coincidence of, on the one hand, high state capacity and, on the other, well-functioning markets and the rule of law. They have states that are powerful and centralized and yet also limited. Furthermore, relatively low rates of shadow economic activity and tax evasion suggest that citizens perceive their states' limitations to be credible. This suggests that a state's ability to be credibly limited may facilitate its investments in state capacity. Consistent with this, we explore the potential link between historical traditions of representative governance institutions and state capacity today. We report that medieval and early modern representative assembly experiences positively correlate with higher tax revenues, smaller shadow economies, greater state control of violence and yet fewer state resources dedicated to violence. Relative to tax revenues, the evidence regarding shadow economies and violence is more robust to various controls and samples. [ABSTRACT FROM AUTHOR]

Dysregulated leukocyte diapedesis is a major contributor to acute severe inflammatory states like sepsis and acute respiratory distress syndrome, which are common conditions in critically ill subjects. Endocan is a circulating proteoglycan that binds to the leukocyte integrin LFA‐1 and blocks its interaction with its endothelial ligand ICAM‐1, subsequently leading to the inhibition of leukocyte recruitment. Recent data have highlighted the hypothetic role of p14, endocan's major catabolite found in the bloodstream of septic patients, as a potential antagonist of endocan, thus participating in the regulation of acute inflammation. We hereby characterize the role of p14 as a biologic competitor of endocan, through assessment of its molecular interactions with LFA‐1, endocan, and ICAM‐1, as well as its effects on human leukocyte trafficking. Using immunodetection assay, we report that p14 can bind to LFA‐1, thus inhibiting the interaction between LFA‐1 and endocan, which in turn leads to the restoration of the ICAM‐1/LFA‐1 interaction. In primary human T cells trafficking assays, we underline the absence of effect of p14 on ICAM‐1‐dependent adhesion and migration, as well as on transendothelial migration. However, in those models, p14 reverses the antimigratory effect of endocan. To conclude, our study supports the hypothesis of an antagonistic role of p14 versus endocan in its effect on the LFA‐1/ICAM‐1‐dependent human leukocyte recruitment. [ABSTRACT FROM AUTHOR]

The disparity in economic progress across nations still confound economists. However, economists know that institutions play a significant role in economic growth. The entrepreneurial activity within a society is shaped by the institutional foundation, especially the property rights structure. However, if property rights are not well-defined and well-enforced, the substance of this entrepreneurial activity may not be welfare-enhancing or growth-enhancing. What is still unclear is the mechanism by which better property rights are adapted in order to facilitate more productive entrepreneurship. By synthesizing insights from the literatures on the market process, the emergence of property rights, and institutional entrepreneurship, this paper presents a mechanism, specifically the 'property rights institutional entrepreneur,' that is alert to opportunities to introduce, redefine, or eliminate property rights in order to better facilitate market exchange. By characterizing this specific form of institutional entrepreneur, our understanding of the layers of property rights' definition, provision, and enforcement is clearer. Property rights are grounded in the norms and customs of a society, but they receive feedback from the market. This feedback is a necessary component to thinking about how property rights change occurs and facilitates economic growth. [ABSTRACT FROM AUTHOR]