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Yrjo Jahnsson Lectures

The Yrjö Jahnsson Lectures series provides internationally renowned economists a forum to synthesize and develop novel research ideas. The monographs based on this series make such groundbreaking work available to the broader community of economists worldwide.

The core mechanism that drives economic growth in modern market economies is massive microeconomic restructuring and factor reallocation—the Schumpeterian "creative destruction" by which new technologies replace the old. At the microeconomic level, restructuring is characterized by countless decisions to create and destroy production arrangements. The efficiency of these decisions depends in large part on the existence of sound institutions that provide a proper transactional environment.