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Merits and Limits of Markets
The 1997 Symposium of the Egon-Sohmen-Foundation, which gave rise to this book, took place in the United States, on the East Coast between New Y C)rk and New Haven, more precisely in Stamford (Conn.). The original choice had been a place close to Yale University, where Egon Sohmen taught economics from 1958 to 1960, subsequent to his period at MIT. But the hotel in New Haven was closed down by a new owner-to pass through a process of creative destruction. Change of ownership-on a large scale and as a transition from public to private hands-had been the topic of the preceding Egon Sohmen-Symposium (in Budapest in 1996) published under the head ing: Privatization at the End of the Century (Springer-Verlag, 1997). Yet mere change of ownership, some of us at the Foundation felt in subsequent months, was too narrow a focus to properly deal with the movement under consideration: a transition of ownership together with a general move towards a competitive market system charac terized by global openness, uncertainty, decentralized risk-bearing, and the increasing importance of information and innovation.
Governance and Economic Development
'. . . this volume is an excellent resource for those interested in the analysis of institutions' design and economic development. . .' - Oscar Alfranca, Progress in Development Studies The main theme of this study is the political economy of policy reform in less developed countries and post-socialist countries. Given the complexity of economic development and transition, Joachim Ahrens views failures in policy reform, poor public sector management, rent-seeking, corruption, and over-centralization as systematic, though not exclusive, instances of institutional failure.
The Historicity of Economics
In this volume, continuities and discontinuities between Historical School of Economics and Old Institutional Economics are examined with regard to common research objectives and methods. Similarly, those between these two economic movements and New Institutional Economics as well as new economic sociology are discussed. The following questions functioned as a guideline for the contributing economists, sociologists, historians, and philosophers: Can we meaningfully speak of the Historical School of Economics (HSE) as an economic research program? What are the commonalities between the HSE and American old economic institutionalism? Does the HSE represent a part of the "lost anteroom" of New Institutional Economics and new economic sociology? How and why should the HSE matter to how we do economic and social theory today?
An Evolutionary Approach to Social Welfare
The autonomy of individuals their view of the world in the past, had led to the problem that socially acceptable decisions could not be made in the absence of unanimity. This book addresses this shortcoming.
Institutional Economics
This thoroughly revised, extended and updated edition of a critically acclaimed textbook provides an accessible and cohesive introduction to the burgeoning discipline of institutional economics. Requiring only a basic understanding of economics, this lucid and well-written text will be essential reading for undergraduate and postgraduate students wanting to understand the problems of the real world Ð such as entrepreneurship, innovation, the cost of the welfare state, international financial crises, and economic development. As institutional economics is now revolutionising policy making, the book can also serve as a guide to the pressing problems facing policy makers in mature and emergent countries alike. Key features include: ¥ A short ÔPrimerÕ at the beginning of each chapter to highlight the main issues and their relevance. ¥ Key Concepts such as ÔinstitutionsÕ, Ôeconomic orderÕ, Ôcoordination costsÕ, ÔcompetitionÕ and Ôpublic policyÕ are highlighted and clearly defined. ¥ International coverage is ensured as the three authors, experienced academic teachers, work in the US, Europe and the Asia Pacific.
Individuals, Institutions, and Markets
This book shows how the institutional framework of a society emerges and how markets within institutions work.
Rational Foundations of Democratic Politics
Democracy is widely accepted today, perhaps as never before, as the most suitable form of government. But what is democracy, and does it always produce good government? Democracy is often associated with the existence of competitive elections. But theory and experience suggest that these are not sufficient for democracy to function reasonably well. In this book, which was originally published in 2003, a number of experts from North America and Europe use a rational choice approach to understand the 'foundations' of democracy - what makes democracy successful, and why. In doing so, they consider diverse problems of democratic governance such as the importance of morals or virtue in political life, negative advertising, the role of social capital and civil society in sustaining democracy, the constitutional and cultural prerequisites of democracy, and the interaction of democracy and markets.
Political Competition and Economic Regulation
Organized, readable, technically sound and comprehensive from both theoretical and empirical standpoints, this book summarizes a vast amount of institutional, historical and descriptive detail.Using case studies from the US, Canada, Germany and Switzerland as well as the European Union and the global economy, this is the first book of its kind to e
Explaining Constitutional Change
Stefan Voigt examines the emergence of constitutions and how and why they change. He proposes that they are based on spontaneously-developed institutions and presents predictions on the scope of change under various setting and factors.
