Bazaars of the Thousand and one nights

Ozveren, Eyuep
A re-reading of the Thousand and One Nights in light of economic thought is attempted here. These stories characterize a bazaar economy as the dark side of medieval economics. The process-view of the bazaar is discussed in relation to Smith, Walras and the Austrian School. The tacit notions of 'market price' and 'natural price' are touched upon. Auctions are then elaborated with reference to Bohm-Bawerk. Moreover, the role of asymmetric information as a recurrent theme is interpreted in relation with Akerlof's approach. Finally, the collective function of the tales in fostering confidence in a less-than-well instituted bazaar economy is emphasized.


Deunionization and pay inequality in OECD Countries: A panel Granger causality approach
Tongur, Unal; Elveren, Adem Yavuz (Elsevier BV, 2014-02-01)
The impact of unionization on wage inequality has been examined by a vast literature. Focusing mostly on the US and the UK in time series analyses or on OECD countries in panel data analyses, a bulk of these studies have found a negative impact of deunionization (i.e. decline in the union density rate) on distribution of wages. By utilizing two inequality data sets both provided by the University of Texas Inequality Project and the union density data set provided by OECD this paper contributes to the litera...
Institutional approaches to technology and economic history
Dildar, Yasemin; Yıldırım, Onur; Department of Economics (2009)
This thesis is an attempt to reassess the long debated issues of economic history from the perspective of institutional economics. Besides examining different approaches to technology and its impact on economic and social life, it analyzes the role of institutions in history. It discusses the institutional interpretations of the critical developments of economic history such as, the Industrial Revolution and the Great Divergence, with an emphasis on differences between the two scholarly traditions, namely, ...
Monetary policy trilemma, inflation targeting and global financial crisis
Gulsen, Eda; Özmen, Erdal (Wiley, 2020-04-01)
We empirically investigate the validity of the monetary policy trilemma postulation for emerging market (EME) and advanced (AE) economies under different exchange rate and monetary policy regimes before and after the recent global financial crisis (GFC). Consistent with the dilemma proposition, domestic interest rates are determined by global financial conditions and the FED rate even under floating exchange rate regimes (ERR) in the long-run. The impact of the FED rates is higher in EME than AE and EME are...
Macroeconomic and institutional determinants of current account deficits
Ozmen, E (Informa UK Limited, 2005-07-15)
This study empirically investigates the effects of institutional and macroeconomic policy variables on current account deficits (CAD). Based on cross-section data for a broad number of countries, the results suggest that better governance increases whilst 'original sin' decreases the ability of an economy to sustain CAD. Exchange rate flexibility and openness appear to put a discipline on CAD. Consistent with the equity home bias and Feldstein-Horioka puzzle, CAD decrease with country size. The net impacts ...
Capitalism and democracy at a crossroads: the civilizational dimension
Ozveren, E (Springer Science and Business Media LLC, 2000-01-01)
This paper evaluates Schumpeter's grand vision as reflected in his Capitalism, Socialism ann Democracy, and elaborates it in conjunction with the so-called "globalization" trends characteristic of the wake of the twenty-first century. In addition to the evolutionary nature of his methodology, the institutionalist dimension of Schumpeter's definitions are brought to light. A case is made for a fundamental process of "uncreative destruction" as far as the institutional setup of the economy is concerned. The c...
Citation Formats
E. Ozveren, “Bazaars of the Thousand and one nights,” EUROPEAN JOURNAL OF THE HISTORY OF ECONOMIC THOUGHT, pp. 629–655, 2007, Accessed: 00, 2020. [Online]. Available: