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The mistake was that we thought the economy works reasonably well, and we could ignore the institutional details.
Lacking knowledge about the historical backgrounds, institutional details and political idioms of real-world economies, they end up being idiot savants – they can manipulate most complicated mathematical models but cannot translate their insights into business strategies and economic policies in the real world.
We present proposed and adopted mechanisms that take very specific institutional details into account.
A number of 23 diploma students were selected and their previous institutional details were classified.
Section 3 presents the related literature, while the fourth one provides the relevant institutional details.
For further institutional details see McEwan and Carnoy (2000) and Urquiola and Verhoogen (2009).
Similar(44)
In a sense what we did was we added some institutional detail to the traditional theory.
Adding institutional detail complicates things greatly; so does allowing for psychological factors, such as overconfidence.
One thing is that you have to understand a lot of institutional detail.
It's not that the institutional detail per se is so valuable to understand.
Because it means you don't have much knowledge of institutional detail, particular practices and financial instruments and so on.
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CEO of Professional Science Editing for Scientists @ prosciediting.com