This book aims at the development of an institutional approach to general economic equilibrium. It is argued that general equilibrium theory forms a well-rounded basis for the development of an institutional economic theory. The fundamental economic trade mechanism underlying this re-focusing is...

We present a general equilibrium model that encompasses the endogenous selection and shadow-pricing of a set of tradeable commodities, with home-based and social production activities. In the model, a market system is a set of costly social institutions which embody the trade and production...