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Killian J. McCarthy and Tao Zhu

borrowing more expensive, and lowers the rates of investment in property, while a rise in long-term interest rates suggests a positive outlook, rising property prices, and economic growth, and this attractiveness of current investment. Finally, we observe that the average income level is positively related with property sale, and that a 1 per cent rise in the former causes a 3.5 per cent expansion in the latter. This, again, is an intuitive finding, and taken together the results of Model 1 provides evidence in support of Hypothesis 1, on the natural and familiar

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Wilfred Dolfsma

but certainly not developing countries – it is under these circumstances that the general interest of the two groups of countries conflict.10 Pooling of patents may be efficient, but it certainly also constitutes an entry barrier and is disadvantageous for smaller firms (Lanjouw and Schankermann 2004).11 Litigation costs can be so inhibitive that individual and small firm patent holders strike a deal with a large firm that filed a suit even when on legal grounds they would have a strong case; listed firms have lower filing rates (Lanjouw and Schankermann 2004

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Government Failure

Society, Markets and Rules

Wilfred Dolfsma

This highly unique book takes a fundamental look at when and how a government can fail at its core responsibility of formulating rules. Government, representing society, relates to the economy by formulating the rules within which (market) players should operate. Although market and business failure are much discussed in the economics literature, government failure is often overlooked. This book addresses this gap, exploring in detail what constitutes government failure.