This seminar introduces the Civil Economy tradition as an institutional approach to understanding how markets function in real-world conditions. Moving beyond the standard view of self-interest and incentives, it emphasises trust, reciprocity, and social norms as key economic resources. Drawing on the Italian tradition of Civil Economy and its contemporary developments, the lecture connects microeconomic theory with institutional economics and business practice. Special attention is given to how trust operates as an input to market exchange, particularly in contexts characterised by incomplete contracts and weak formal enforcement.

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

The talk is mandatory for the students of Microeconomics 2 class hosted by Dr Suresh Govindapuram.