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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... organization rather than purely a production function, it has been developed further by scholars such as Oliver ... organization, development and the new institutional economics in journals such as World Development, the Journal of ...
... Organization, and three papers on institutional economics in Economic and Political Weekly. In 1998, I was awarded the Fulbright Fellowship. Prof. Oliver Williamson, the father of the new institutional economics, offered me an ...
... organization are not based on performance relative to peers, that is, organizations (and societies) fail to adopt incentive-compatible practices. A worker will be less productive in a given activity if he or she has to divert her time ...
... organization through increased competitive dynamics. The direction of the endogenous process is determined by ... organized themselves into what was then called 'the Bombay Club'. They put forward the argument of a level playing field to ...
... organized with more than one agent as a group or an organization. For several reasons of indivisibility of economic tasks, collective action results in higher surplus than individual action, and economic activity by organizations ...
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 |