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Institutional economics: Social order and public policy

Опубликовано на портале: 14-10-2003
Northampton: Edward Elgar, 1998, 517 с.
This major book provides an accessible introduction to the burgeoning discipline of institutional economics, and to the central issues of private property rights and their competitive use. The book develops the issue from fundamental premises about human cognition and motivation. The book will not only be welcomed by the student of economics but will also be essential to jurists, business managers, anthropologists, sociologists, political scientists, social historians and moral philosophers.

It includes policy-oriented discussions of:
  • the logical basis of institutions and why institutions matter;
  • the institutional arrangements underpinning domestic markets and international exchange where human action is coordinated by private choice;
  • the institutional arrangements underpinning business organizations;
  • the functions of government and the relative merits of private and public choice, as well as solutions to controlling the opportunistic use of political power;
  • possible reforms in heavily regulated mature economies that have to meet the challenge from new competitors;
  • the reasons for the collapse of the socialist institutional system;
  • the influence of globalization on institutional development during the modernization process in third-world countries;
  • This text breaks new ground in that it summarises the contemporary institutional literature in a cohesive manner.

    Contents
    List of figuresviii
    List of tablesix
    Forewordx
    1Introduction: Why Institutions Matter1
    1.1Why do institutions matter?2
    1.2The record of economic growth7
    1.3Explaining economic growth13
    PART I FOUNDATIONS
    2Definitions: Economics, Institutions, Order and Policy27
    2.1Basic definitions28
    2.2The precursors of contemporary institutional economics33
    3Human Behaviour42
    3.1The knowledge problem44
    3.2Types of behaviour, cognition and bounded rationality: deciphering reality53
    3.3Motivation: by love, command or self-interest59
    3.4The principal-agent problem65
    4Fundamental Human Values70
    4.1Shared, underlying values71
    4.2Freedom, justice and equity76
    4.3Security, peace and prosperity80
    4.4Conservation of the environment86
    5Institutions: Individual Rules 92
    5.1Overview: rules and enforcement93
    5.2Internal institutions100
    5.3External institutions and protective government109
    5.4The functions of institutions118
    5.5The essential properties of effective institutions122
    5.6 The costs of interaction and coordination125
    6Institutional Systems and Social Order133
    6.1Social systems and hierarchies of rules134
    6.2Two kinds of social order142
    6.3The perceptions of order influence public policy155
    6.4Rule systems as part of culture161
    6.5Social order and human values: the rule of law165
    PART II APPLICATIONS
    7The Institutional Foundations of Capitalism173
    7.1Capitalism: property rights and private autonomy175
    7.2Essential characteristics of property rights177
    7.3Using property rights: free contracts and transaction costs191
    7.4Relational contracts, self-enforcement and the judiciary200
    7.5The consequences of capitalism 204
    7.6Institutions which secure the services of money211
    8The Dynamics of Competition220
    8.1Competition: rivalry and choice221
    8.2Competition from the suppliers' perspective235
    8.3Restrictions of economic competition245
    8.4The competitive system251
    9Economic Organisations256
    9.1Economic organisations: definition and purposes257
    9.2Organisation costs, relational contracts and hold-up risks266
    9.3Ownership and control: the principal-agent problem in business 270
    10Collective Action: Public Policy285
    10.1Public versus private choice287
    10.2The functions of government293
    10.3A liberal model of public policy: order policy311
    10.4Failures of the welfare state317
    10.5Political action and rent creation 324
    10.6Controlling the political agents: authority, rules, openness326
    10.7Political and economic constitutions332
    11The International Dimension342
    11.1 The growing significance of the international dimension343
    11.2The institutional framework of international exchanges354
    11.3Policy issues: international economic order368
    11.4On strengthening the open economic order377
    12The Evolution of Institutions381
    12.1Historical reminiscences: the long view on institutional change383
    12.2Internal institutions: evolution within cultural values and meta rules390
    12.3Changing the external institutions: political entrepreneurship395
    12.4Outside challenges: institutional competition399
    12.5Competitive federalism404
    12.6The constitution of freedom as a framework for evolution407
    13Alternative Economic Systems and Systems Transformation410
    13.1The economic performance of alternative systems411
    13.2Socialism in retrospect416
    13.3Transforming socialist economies430
    14Reforming the Mixed Economies451
    14.1Economic liberties and prosperity452
    14.2Economic development: the role of institutional change457
    14.3 Reforming the mature economies470
    Appendix: 'I, Pencil', by Leonard E. Read 490
    Bibliography 494
    Index 507

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