By Geoffrey M. Hodgson, ed.
Within the Nineties, institutional and evolutionary economics emerged as the most inventive and profitable ways within the sleek social sciences. This reader gathers jointly contributions from top overseas 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 thoughts comparable to studying, belief strength, pricing and markets,with a few essays dedicated to method and others to the comparability of alternative kinds of capitalism.
Read Online 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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Additional info for A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).)
But in the neoclassical formulation, markets themselves remain largely unspecified; they are accorded no other structural character (Hodgson, 1988, pp. 182–3). The neoclassical analyses do not reflect the breadth and complexity of behaviour actually correlated in markets, nor the roles of customs and habits in conditioning market conduct, nor the patterns and varying criteria of choice-making exhibited. Market motivations are simplistically affirmed as profit and/or utility maximization; market participation reflects ‘constrained maximization’.
Prices are set to exceed costs by a percentage markup that displays only minor variations over the business cycle. (Okun, 1979, pp. 1–5) The realm of price makers, then, is not confined to oligopolistic sellers only. It includes most of the economy except for ‘active auction markets’ reported on the financial pages of the daily newspaper: financial assets, agricultural commodities, some primary metals and the like (Okun, 1981, p. 134). In a fairly elaborate analysis of the complexities price makers must face in determining the mark-ups to be reflected in selling prices, Okun demonstrates, as earlier institutionalists have shown, that actual markets are institutionally complex.
1993), The Economics of Institutions, Aldershot: Edward Elgar. Chamberlin, Edward H. (1933), The Theory of Monopolistic Competition, Cambridge, MA: Harvard University Press. Dugger, William M. ) (1989), Corporate Hegemony, Westport, CN: Greenwood Press. Eichner, Alfred S. (1976), The Megacorp and Oligopoly: Micro Foundations of Macro Dynamics, Cambridge and New York: Cambridge University Press. Eichner, Alfred S. ) (1983), Why Economics Is Not Yet a Science, Armonk, NY: Sharpe. Eichner, Alfred S.