Evolution of Markets and Institutions: A Study of an Emerging EconomyThe new institutional economics has been one of the most influential schools of thought to emerge in the past quarter century. Taking its roots in the transaction cost theory of the firm as an economic organization rather than purely a production function, it has been developed further by scholars such as Oliver Williamson, Douglas North and their followers, leading to the rich and growing field of the new institutional economics. This branch of economics stresses the importance of institutions in the functioning of free markets, which include elaborately defined and effectively enforced property rights in the presence of transaction costs, large corporate organizations with agency and hierarchical controls, formal contracts, bankruptcy laws, and regulatory institutions. In this timely volume, Murali Patibandla applies some of the precepts of the new institutional economics to India - one of the world's most promising economies. |
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... activity of nations. At the beginning of the millennium, China and India are the two fastest-growing developing economies, with important implications in the world economy as they are also the two most populous countries.1 One of the ...
... activity (durable asset) if he or she is not sure of receiving the returns on the investment, particularly if there is fear of appropriation by the state and other private agents. A productive worker is not motivated if rewards within ...
... activity through to completion (Williamson, 1998). The interaction between the institutional environment and governance mechanisms determines the economic efficiency of exchange and incentives for investments in durable assets, both ...
... activity, thereby stunting growth. In several areas, the stock of the previous government investments made it easy for private sector and markets to take over and reduce transaction costs significantly in the post-reform era. One ...
... activity as anonymous and autonomous agents acting in a large group context. We all know that a major part of economic activity is organized with more than one agent as a group or an organization. For several reasons of indivisibility ...
Contents
1 | |
21 | |
3 Initial conditions and economic policy reforms | 48 |
4 The direction of structural changes | 88 |
5 Competitive dynamics | 126 |
6 Technological change | 157 |
7 Organizational change | 204 |
8 The evolution of public and private order institutions | 249 |
9 Conclusion | 284 |
Appendices | 294 |
Notes | 305 |
References | 317 |
Index | 330 |
Other editions - View all
Evolution of Markets and Institutions: A Study of an Emerging Economy Murali Patibandla Limited preview - 2006 |
Evolution of Markets and Institutions: A Study of an Emerging Economy Murali Patibandla No preview available - 2009 |
Evolution of Markets and Institutions: A Study of an Emerging Economy Murali Patibandla No preview available - 2006 |