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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... 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 ...
... enforcement in determining the economic prosperity of societies. Ronald Coase (1992) in his Nobel lecture commented: The value of including . . . institutional factors in the corpus of mainstream economics is made clear by recent events ...
... enforce the rules of the game so that uncertainty of exchange is minimized. Countries that are able to arrive at ... enforcement. Once production is internally organized, individual choices and incentives are governed by hierarchical ...
... enforcement. As the rules are not transparent, the regulation is subject to a high degree of discretion by the local agents (Ahlstrom, Bruton and Lui, 2000).7 The question that follows is, if contractual hazards are very high in China ...
... enforce contracts; Regulatory burdens on business, including health, safety, and environmental regulation; Restrictions on banks regarding financial services, such as selling securities and insurance; Labor market regulations, such as ...
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 |