Ljubomir Madžar

This is a revi­ew artic­le of the newly publis­hed book "Law, Infor­mal Rules and Eco­no­mic Per­for­man­ce". The impor­tan­ce of the pro­blem area cove­red by the book and the ele­gan­ce and pre­ci­si­on with which it is ela­bo­ra­ted are par­ti­cu­lar­ly emp­ha­si­zed. Who­le­he­ar­te­dly endor­sed is Pro­fes­sor Pejovich's gene­ral stan­ce ela­bo­ra­ted in the book that the insti­tu­ti­ons are the cate­go­ry of ele­ments that has to be resor­ted to if deter­mi­nants and mec­ha­nisms of eco­no­mic deve­lop­ment are to be con­si­sten­tly and non-tau­to­lo­gi­cal­ly explained.