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A characteristic feature of economic development is the ever changing structure of consumption patterns. Reducing the explanation of this phenomenon to changing prices, finally caused by changes in the availability of goods (or characteristics), would neglect a major force driving this change,...
Persistent link: https://www.econbiz.de/10005247902
Hayek's theory of socio-cultural evolution is a generalization of his theory on spontaneous market order. Hayek explains both the emergence of market and social institutions serving as a social basis for that order within the framework of a unified evolutionary logic. This logic interprets the...
Persistent link: https://www.econbiz.de/10011255326
A hayeki szociokulturális evolúció elmélete a piaci rend elemzésének általánosítása. Hayek mind a piaci rend, mind a piaci rend alapzatául szolgáló társadalmi intézmények kialakulását és működését azonos logika alapján magyarázza. Ez a logika az egyéni cselekvések nem...
Persistent link: https://www.econbiz.de/10010775135
The paper investigates institutional reforms in Vietnam and their impact on the economic performance of firms. Using the provincial competitiveness index 2006 (PCI06) and firm-level data in Vietnam in 2005, the results show that provincial competitiveness is economically and statistically...
Persistent link: https://www.econbiz.de/10009363666
trace the process of evolution in the understanding of the notion of institution, from its spontaneous mentions and … pragmatic use of the so-called pre-institutional era to the desire to understand and to define the essence of the institution in … term “institution” was understood at the three initial historical period of its usage. For this purpose, the first part of …
Persistent link: https://www.econbiz.de/10011274656
When trying to understand what is meant by the concept of institution we must analyse the context in which institutions …
Persistent link: https://www.econbiz.de/10005040878
Our contribution aims at revealing the terms of a confrontation between Austrian and Institutional schools concerning the nature and the role of markets. Such an approach is justified by, on the one hand, the characteristics shared by both theoretical traditions and on the other by the fact that...
Persistent link: https://www.econbiz.de/10011187248
Neo-Schumpeterianism appeared in literature as a heterodox current and belongs to the evolutionary theories category. It works around and with innovation, considered to be a proper tool for measuring the qualitative changes which occur within an economy. The joint efforts of evolutionary...
Persistent link: https://www.econbiz.de/10010570133
In 1933, Knight launched a violent attack against the Austrian theory of capital. Beyond an apparent opposition on the average period of production, the conflict concerns more profoundly the capacity of the Austrian theory to ground a general theory of production and to build on a dynamic...
Persistent link: https://www.econbiz.de/10004962243
This work is an attempt, first, to outline the basic building blocks of evolutionary theory in economics and, second, to offer a comparative assessment of different strands of literature which call upon evolutionary ideas of some sort. We sketch out what we consider to be the main results...
Persistent link: https://www.econbiz.de/10008578485