About the Talk
This lecture examines the role of institutions in shaping market outcomes from the perspective of the Civil Economy tradition. While standard economic theory explains coordination through incentives, contracts, and enforcement, many real-world markets operate under conditions of incomplete contracts and strategic uncertainty. Drawing on the work of Antonio Genovesi and contemporary institutional economics, the lecture argues that trust functions not only as an outcome of institutional arrangements, but also as a key input enabling markets to scale. The concept of public happinessis introduced to highlight the relationship between private prosperity and the quality of the social environment. The discussion connects these insights to modern debates on inclusive and extractive institutions, emphasizing the implications for managerial decision-making in institutionally incomplete contexts.

About the Speaker

Professor Maria Olivella Rizza is a tenured researcher of economics at the Department of Economy and Business at the University of Catania, Sicily, Italy. She has received the Diploma of the School of Advanced International Studies of the Johns Hopkins University (US) and a PhD in Public Sector Economics from the University of Salerno (IT). She teaches Microeconomics and Economics of Culture and Sustainability to students of undergraduate and postgraduate programs at the Department of Economy and Business. Her research spans topics related to Civil Economy, Integral Ecology and Growth, and their impact on urbanisation, the environment, and economic development. Read more at: https://www.dei.unict.it/docenti/maria.olivella.rizza?eng

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