The Economy of Everything. Institutions and Society: Living by Rules and Without

This fascinating book by the well-known science popularizer – Doctor of Economic Sciences, Professor, Dean of the Faculty of Economics at Lomonosov Moscow State University Alexander Auzan – will help you understand the essence of seemingly chaotic social processes and... their connection to economics. You will be surprised to find how easily and logically many paradoxes of Russian life can be explained when viewed through the lens of institutional theory. Institutions are rules that cannot be perfect due to the arising forces of friction – transaction costs. These costs arise from human imperfection – irrationality and opportunistic behavior. The author demonstrates how to rationally implement institutions and reduce costs in various fields – business, politics, law, history, choices of property forms, and even in virtual reality. You will see a different, completely unfamiliar picture of the world.