By Geoffrey M. Hodgson, ed.
Within the Nineties, institutional and evolutionary economics emerged as essentially the most artistic and profitable methods within the sleek social sciences. This reader gathers jointly contributions from major foreign authors within the box of institutional and evolutionary economics together with Eileen Appelbaum, Benjamin Coriat, Giovanni Dosi, Sheila C. Dow, Bengt-Ake Lundvall, Uskli Maki, Bart Nooteboom and Marc R. software. The emphasis is on key recommendations equivalent to studying, belief strength, pricing and markets,with a few essays dedicated to method and others to the comparability of other kinds of capitalism.
Read or Download A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).) PDF
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Extra resources for A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).)
Weintraub, E. Roy (1979), Microfoundations, Cambridge: Cambridge University Press. Williamson, Oliver E. (1975), Markets and Hierarchies: Analysis and Anti-trust Implications: A Study in the Economics of Internal Organization, New York: Free Press. ) (1992), Explaining Process and Change: Approaches to Evolutionary Economics, Ann Arbor, MI: University of Michigan Press. This Page Intentionally Left Blank PART I Learning, Trust, Power and Markets This Page Intentionally Left Blank 1. Contributions to an institutionalist theory of price determination Marc R.
Okun I have found nothing to suggest that Arthur Okun ever characterized himself as an institutionalist. Yet he, like institutionalists, was a theorist and a realist. I construe his analysis of pricing, with minor exceptions, to be both compatible with, and an extension of, earlier institutionalist contributions to a theory of discretionary pricing. More specifically, his work may be viewed as a plausible explanation of the conventional and customary mark-up pricing 20 Learning, trust, power and markets Galbraith found in administering comprehensive price controls in nonoligopolistic markets during the days of OPA.
As with other facets of the economic order, both the structures of prices, the lists, schedules and patterns of relative prices, and the price-setting practices vary widely among economies and among sectors within economies. The customs and conventions of pricing in the National Health Service Contributions to an institutionalist theory of price determination 7 in Great Britain, for example, reflected indigenous judgements somewhat unique to that culture; they diverged from the pricing of socialized medicine on the Continent, and from fee-for-service medicine and private health insurance in the United States.