By Geoffrey M. Hodgson, ed.
Within the Nineties, institutional and evolutionary economics emerged as probably the most inventive and winning 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. software. The emphasis is on key ideas similar to studying, belief strength, pricing and markets,with a few essays dedicated to technique and others to the comparability of alternative sorts 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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Extra info for A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).)
P. 178). Accordingly, these pricing conventions serve what are, for Okun, economically defensible purposes; they are normatively approvable. 22 Learning, trust, power and markets 4. CONCLUSION While no elaborate summary is provided, the following generalities summarizing institutionalist, and quasi-institutionalist, contributions to a theory of discretionary pricing may be noted: ● ● ● ● ● ● Exchange occurring in non-auction markets is not simplistic and reducible to maximizing tenets and singular behavioural constants.
Most of our economy is dominated by cost-oriented prices and equity-oriented wages. Most prices are set by sellers whose principal concern is to maintain customers and market share over the long run. … 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.
Neoclassical orthodoxy constitutes the ‘conventional wisdom’ (Galbraith) on all manner of policy options. Vigorous advocacy of shrinking governments, deregulation and enterprise zones are among recent policy reflections of this view. Moreover, positivist claims notwithstanding, such price determination is presumed by such market mentalities to have both practical and moral significance (Ayres, 1944, pp. 3–38). The neoclassical ‘price system’ is alleged to be concurrently a pervasive characterization of how prices tend to be determined in most markets and a stipulation of how prices ought to be determined in virtually all markets.