By Geoffrey M. Hodgson, ed.
Within the Nineties, institutional and evolutionary economics emerged as some of the most artistic and profitable methods within the smooth 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 ideas comparable to studying, belief energy, pricing and markets,with a few essays dedicated to technique and others to the comparability of other kinds of capitalism.
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Additional resources for A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).)
Eichner sets the familiar institutional context: ‘commodity markets have been largely superseded by industrial markets and the family business by the 18 Learning, trust, power and markets megacorp as the representative firm within those markets’ (Eichner, 1987, p. 1555). Megacorps, by ‘virtue of their size and dominant market position, have considerable discretion in setting prices’. S. 5 It is Eichner’s central purpose to explain ‘how prices are determined in the oligopolistic sector of the American economy, and how those prices, so determined, affect the growth and stability of the economy as a whole’ (Eichner, 1976, p.
174). But the customary and conventional character of market institutional structures, including prices, requires emphasis. Established exchange arrangements, once created, tend to persist. Habitual patterns of behaviour as conventions in price-setting are commonplace (Hodgson, 1988, pp. 125–34, 182–7). S. Shackle (1972, p. 227) suggests a reason: Prices which have stood at particular levels for some time acquire thereby some sanction and authority. They are the ‘right’ and even the ‘just’ prices.
Okun, 1981, p. 153) A significant hazard, however, in using ‘cost-oriented pricing’ as a standard in setting prices is that customers do not, and cannot, observe the pricesetting deliberation process. They must take on faith any contention that price increases were caused or validated by cost increases. The conceptual dilemma facing the price setters is itself quite complex. The definition and measurement of costs that are to become part of the bases for price determinations require price setters to take account of such standards or constructs as historical costs, replacement costs, valuation adjustments, standard volume unit costs, full or direct costs, and material costs (Okun, 1981, pp.