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In this chapter, we present fragments of previously unpublished correspondence between Ludwig Lachmann and G. L. S. Shackle on the nature of institutions. This correspondence allows us to rationally reconstruct a theory of institutions, which extends Lachmann’s theoretical work. Shackle pointed out to Lachmann that institutions might be inputs into economic activities and that they themselves may be reproduced and transformed by these activities. Lachmann in turn contended that institutions consist of “instruments of interpretation.” We develop the concept of “instruments of interpretation” as a subset of institutions. These instruments are mental models and cognitive tools which are (1) inputs complementary to capital goods (2) jointly produced, reproduced, and transformed through economic activity. We suggest that in contrast to privately produced capital goods, parts of the institutional infrastructure are produced jointly as shared goods because the use of certain institutional elements is non-exclusive and non-subtractable; these elements – instruments of interpretation – are produced and reproduced by sharing and contributions through a process of joint production. This chapter explicitly connects two different but essential themes in Lachmann’s work: capital, and institutions. By combining these two strands of Lachmann’s work, we are able to demonstrate that there is a cross-complementarity between institutional orders and capital structures. This connection in turn provides a thicker understanding of the workings of markets.

The rise of the sharing economy has brought with it a huge variety of new organizational forms and innovative business models. An integral part of these forms and models is the communities and members of sharing-economy organizations, since they significantly contribute to value creation for these organizations. Relying on community member contributions, though, is a challenge for these organizations because fluid community boundaries and voluntary membership makes it difficult to coordinate their activities. This chapter investigates the under-researched question of how sharing-economy organizations govern the actions of their community members. Following an abductive approach that included site visits, participant observations, and 67 interviews, we develop a framework that illustrates four different types of governance: pure market, pure clan, market-hierarchy hybrid, and clan-hierarchy hybrid. The framework explains differences among these types depending on the main activity (providing resources or producing jointly) and the primary aim of the community (business orientation or social orientation). This study thus contributes to research on both governance in general and to sharing-economy organizations in particular by capturing the variety and diversity of community forms, governance practices, and business-model configurations.

This chapter aims to present and analyse the phenomenon of ‘sharing economy’ or ‘collaborative consumption’ in relation to tourism entrepreneurship. It presents and highlights the factors contributing to the growth of sharing economy and its business models, as well as strategically analyse related opportunities, challenges, concerns and threats in the field of tourism entrepreneurship.

Literature review was conducted on conceptual issues and main aspects of sharing economy, combined with examples and case studies within the tourism business environment.

This chapter highlights the fact that tourism businesses face new developments, trends and changes in tourist consumer behaviour and travel technology. It shows that sharing economy is on the rise, already affecting all segments of tourism industry, offering significant opportunities, as well as challenges and threats.

This chapter is explorative in nature because the discussed is based on a literature review.

The sharing economy/collaborative consumption is transforming the way people access goods and services changing all elements of trip planning. This is of great significance to the tourism industry, considering the business opportunities in all segments of related businesses. It is suggested that tourism entrepreneurs – existing, new and prospective – should elaborate the suitable strategies to address the new challenges.

It analyses main issues and aspects of the sharing economy within the tourism context. This analysis contributes to an improved knowledge and understanding that are very useful to all existing and prospective tourism providers.

This chapter aims to find out perceived value creation while engaging with the Airbnb business. Whilst values have been found leading to participation, values resulting from actual participation are yet to be explored. By taking the approach of service-dominant logic and cocreation, topped with the discourse analysis of the written accounts of Airbnb guests, this study has discovered several values that result from cocreation during participation in Airbnb business models. Several avenues for the continuation of this study are suggested to build upon the acquired knowledge from this exploratory research.

The chapter estimates the cost of maintaining a child, at different ages, the cost of being single, and the cost of additional adults present in a family, with the aim of making comparable the income levels of different households. The study investigates the issue of econometric identification of equivalence scales within a demand system modified to include demographic characteristics consistently with economic theory. It shows that a robust estimation of equivalence scales must take into formal consideration the problem of econometric identification. The estimate also puts forward all-encompassing demographic specifications to identify costs due to differences in needs, household lifestyles, and economies of scale.

In rural Malawi, money constantly circulates. As soon as villagers, poor as they are, get some money in hands, it is swiftly spent. Tracking how money – and other valued items like food and soap – are pushed and pulled around through an extremely poor community offers profound insights into women’s everyday survival tactics. Central to these women’s survival is the ability to mobilise support in times of need. Material wealth is found to be both a prerequisite and a threat to this ability. It can best be spent quickly, in particular ways, so as to transform it into potential sources of future support in times of need. Maximizing access to potential future support while minimizing blockage – by always appearing able to reciprocate and not giving others socially acceptable justifications to withhold support – are concerns that to a great extent shape the village women’s everyday decision-making. Understanding the dynamics of inclusion and exclusion that both result from and trigger these survival tactics is important for social scientists and policy-makers as these have far-reaching consequences, including women’s HIV risk-taking, which are difficult to explain from other vantage points.

In considering the role of ethics in Islamic economic and finance theory, it is necessary to understand the nature of ethics as human behavior derived from the foundation of Tawhid (oneness of Allah=unity of the divine law) through the transmission medium of the Sunnah (guidance of the Prophet Muhammad). These are together taken up as the basis of spiritual guidance in Islam – hudal il-mutaqqin (Qur'an, 2:2). This foundation of Islamic epistemology in concert with the medium of epistemological discourse among the learned participants establishes the idea of a System and its embedded circular causation relations in view of the ethics in the Qur'anic world-system. It is also necessary to understand how ethics, as so derived from the epistemological roots and processed through the ontological investigation of values and directions for rule setting pertaining to given issues at hand, establish the premise of the shari'ah along with its ijtihadi (foundational Islamic investigation for rule setting) extensions.

The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II. Globalization, liberalization, integration, and transition processes generally shaped the crucial milestones of the macroeconomic development and substantial features of economic policy and its framework in Europe. Policy-driven changes together with variety of exogenous shocks significantly affected the key features of macroeconomic environment on the European continent that fashioned the framework and design of monetary policies.

This chapter examines the key basis of the central bank’s monetary policy on its way to pursue and preserve the internal and external stability of the purchasing power of money. Substantial elements of the monetary policy like objectives and strategies are not only generally introduced but also critically discussed according to their accuracy, suitability, and reliability in the changing macroeconomic conditions. Brief overview of the Eurozone common monetary policy milestones and the past Eastern bloc countries’ experience with a variety of exchange rate regimes provides interesting empirical evidence on origins and implications of vital changes in the monetary policy conduction in Europe and the Eurozone.