18 September 2026 · 9:22
Institutional Capital Theory: eight questions for the author
The author answers eight questions on what the book claims, what it refuses to claim, and what a finance ministry should do with it.
In the first episode we read the preface. In this one the author takes eight questions drawn from the book's proposal: why two states that spend the same can end up so far apart, which public capabilities count as capital and which fail the test, why the decay of a working agency is depreciation and not a shock, why formation efficiency cannot be spending divided by capacity, how the cost of borrowing and state capacity trap each other, why the book publishes its empirical protocol before any results, and what a finance ministry should do differently on Monday morning.
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