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The purpose of this paper is to present the views of various schools of economic thought on the sources of the institutional order of economies. The premises of the theories of constituted and spontaneous economic orders are taken as the criteria on the basis of which the sources of an...
Persistent link: https://www.econbiz.de/10011996707
Statistics on the size and growth of the U.S. federal government, along with the rhetoric of President Franklin Roosevelt, seem to indicate that the Great Depression was the event that started the dramatic growth in government spending and intervention in the private sector that has continued to...
Persistent link: https://www.econbiz.de/10012720535
Russia and Ukraine remain a high scientific potential in the comparison with a level of development of their economy. However, the innovative development of the economy is moving at a rate that significantly slowly in contrast to many transition economies (e.g. China). Why do inefficient...
Persistent link: https://www.econbiz.de/10014183538
Institutions affect economic outcomes, but variation in them cannot be directly linked to environmental factors such as geography, climate, or technological availabilities. Game theoretic approaches, based as they typically are on foraging only assumptions, don't provide an adequate foundation...
Persistent link: https://www.econbiz.de/10014047775
Ronald Coase merged two traditions in economics, marginalism and institutionalism. Neoclassical economics in the 1930s …. “Institutionalism” historically refers to a group of economists who wrote mainly in the 1920s and 1930s. Their place in economic theory … institutions that move resources through the economy. Coase’s work merged neoclassicism with institutionalism by incorporating …
Persistent link: https://www.econbiz.de/10014198928
This article tries to formulate an institutionalist reassessment of the notion of joint dominance, a market situation in which certain firms indirectly synchronize the conduct in a ‘conscious parallelism’. In this article, the concept of joint dominance is treated as an economic common good...
Persistent link: https://www.econbiz.de/10014218595
This chapter summarizes the case for considering money as a legal institution. The Western liberal tradition, represented here by John Locke’s iconic account of money, describes money as an item that emerged from barter before the state existed. Considered as an historical practice, money is...
Persistent link: https://www.econbiz.de/10014153950