New Institutional Dimensions of Economics

Comparative Elaboration and Application
Softcover Nachdruck of the original 1. Auflage 1988
ISBN: 978-3-540-18738-7
Verlag: Springer Berlin Heidelberg

Buch, Englisch, 196 Seiten, Paperback, Format (B × H): 170 mm x 242 mm, Gewicht: 372 g

Reihe: Studies in Contemporary Economics

Among economists the recognition of the importance of social and eco­ 1 nomic institutions has grown during the last ten years. Even be­ fore the more recent period, however, this trend of thought was 2 clearly noticeable. The origin and formation of institutions was one of the issues which, according to C. MENGER, should playa central 3 role in economics. Nevertheless, this tradition is not reflected in mainstream eco­ nomics. L. HURWICZ characterizes this failure by observing that "tra­ ditionally, economic analysis treats the economic system as one of the givens" (1973, p. 1). In this case "system" may be understood in a narrower or in a wider sense comprising only contracts (on markets) or a larger variety of procedures for the co-ordination of economic activities as, for instance, managerial hierarchies. In view of the prominent role of price theory in mainstream economics one would guess that-the system is perceived to comprise mainly contracts as co-ordinating procedures: prices form a constituent part of contracts on markets but not of other co-ordination procedures. This indicates an understanding in the narrow sense. There is an additional and even more convincing argument in favour of our contention that mainstream economics is based on this narrow interpretation of the economic system: It evaluates alternative situations by reference to the allocation of the factors of production, i. e. by comparing outcomes of the economic process. Doing so is only logical if the economic system is understood as a system of contracting on markets.

Zielgruppe

Research

Autoren/Hrsg.

Schenk, Karl E.

Inhaltsverzeichnis

One: From Rational Choice Towards Institutional Variability.- 1: Economic Systems from the Co-Ordination Perspective.- 2: A Comprehensive Version of Institutional Choice.- 3: A Rational and More Comprehensive Framework for Industrial Organization Studies.- Two: The Co-Ordination Perspective Elaborated.- 4: The Scope of the Systems Approach.- 5: Co-Ordination Procedures between Subsystems: Economic Policy Regimes.- 6: Co-Ordination Procedures between Subsystems: Governance Procedures.- Three: The Co-Ordination Perspective with some Basic Behavioural and cost Relationships.- 7: Governance/Management Co-Ordination under Alternative Economic Policy Regimes.- 8: Incentive Failures and the Scale of Government Participation in the Co-Ordination of Industries.- 9: The Nature of Transaction Costs and Benefits.- 10: Towards an Integration of Structural and Behavioural Characteristics of Different Economic Systems.- Four: Behavioural and Economic Consequences of Different Economic Systems.- 11: A System with Dominant Government Directory Regimes.- 12: A System with Dominant Regulatory Regimes.- 13: A System with Dominant Commercial Regimes.- 14: Retrospect and Prospect.- Literature.