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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... social policy Edited by Junji Nakagawa Who Gains from Free Trade? Export-led growth, inequality and poverty in Latin America Edited by Rob Vos, Enrique Ganuza, Samuel Morley and Sherman Robinson Evolution of Markets and Institutions A ...
... social and economic norms, property and contractual rights and transaction costs of enforcement in determining the economic prosperity of societies. Ronald Coase (1992) in his Nobel lecture commented: The value of including ...
... social security systems (or land reforms), and thereby failed to create conditions of 'equality of opportunity' for its people. As is well known in the literature on India, the major economic reforms of 1991 were made possible by the ...
... social arrangements which are more or less failures, we are not likely to make much headway. The Arrow-Debreu general equilibrium theory helps in identifying different conditions necessary for the efficient functioning of markets under ...
... social, and political institutions. In other words, economic activity is organized in an economy by balancing trade-offs between highpowered incentives of individual choices and low-powered incentives of institutional constraints. For ...
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 |