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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... practices. A worker will be less productive in a given activity if he or she has to divert her time and resources in dealing with transaction costs (searching, information processing, paper work, long queues, etc.). In analyzing the ...
... practice, close relations between banks and big business, and organizational practices which were different from the Western capitalist practices was glorified during its rapid growth of 1950–90. However, the prolonged recession of ...
... practices are suspected, government clearances of projects can be politicized by the independent press, which can delay projects. Furthermore, the independent judiciary can also be a source of high transaction costs. For example, the ...
... practices. Economic reforms increase global integration through trade and multinational investment, which make it possible for local firms to imitate global best practices through competition, and through the demonstration effect. In ...
... practices. The focus of Chapter 6 is on technological change at firm and industry level and on the evolution of the National Innovative System (NIS) and their implications on the evolution of markets and institutions. Chapter 7 examines ...
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 |