Pioneers in Development: Second Series
Most doubtful, though, is Gruchy's unbridled faith in planning. The unpredictable dynamics Gruchy finds in economic systems argue strongly against centralized planning, as neo- Austrians suggest. At the practical level most relevant to institutionalism, economic regula- tion has too frequently led to either chaos, rent seeking, or "capture" by the regulated.
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Professor of Economics
Timur Kuran is Professor of Economics and Political Science, and Gorter Family Professor of Islamic Studies at Duke University. His research focuses on (1) social change, including the evolution of preferences and institutions, and (2) the economic and political history and modernization of the Middle East. His current projects include a study of the role that the Middle East’s traditional institutions played in its poor political performance, as measured by democratization and human liberties.