By Geoffrey M. Hodgson, ed.
Within the Nineteen Nineties, institutional and evolutionary economics emerged as essentially the most inventive and profitable methods within the sleek social sciences. This reader gathers jointly contributions from top 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. instrument. The emphasis is on key strategies similar to studying, belief strength, pricing and markets,with a few essays dedicated to technique and others to the comparability of alternative 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 info for A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).)
Decisions on the size and frequency of price changes, then, are of critical significance. Alienating or disruptive changes in the continuity of expectations regarding prices is to be avoided. Firms regularly engage in price-fixing as a routine effort to maintain their market shares. Their achieved market power is reflected in the degree to which their desires in that quest can be implemented. Discretionary managers, in Okun’s view, are more influenced in their pricing decisions by supply-side costs than by changes in demand: The setting of prices by marking up costs is a good first approximation to actually observed behavior in most areas of industry, trade, and transportation.
4. 5. The author wishes to thank Paul Dale Bush, Harry Trebing, John Henry, Ernesto Screpanti and Geoff Hodgson for instructive suggestions on earlier drafts of this paper. These contributions are presented as illustrative and indicative of what I characterize as institutionalist, or institutionalist-compatible, views, not as a definitive treatment of the subject field. The latter would require, in addition, consideration of contributions of Post Keynesian theories of the firm and of macro analysis, and other heterodox theories.
Means was not academically trained as an institutional economist; his early empirical research into corporate structure and agricultural pricing drove him, as a fledgling scientist, to seek a theory that would better explain the factual realities he perceived. His heterodoxy was fuelled by his experience as a scholar. His research (with Adolf Berle) that culminated in The Modern Corporation and Private Property (Berle and Means, 1932) generated the first postulate; a long series of statements, incorporating his empirical research, and prepared as testimony for congressional hearings, undergirded the second postulate (Means, 1963, pp.
A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).) by Geoffrey M. Hodgson, ed.