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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... chapters in this book and gave very valuable comments. I benefited from my discussions with Amar Bhide, Rahul De, Deepak Sinha and Bent Petersen. Several arguments and the underlying evidences are drawn from my papers, published over ...
... Chapter 2, formalized the notion of transaction costs systematically. However, it is difficult to measure and capture several dimensions of transaction costs empirically in a precise way, which obliges us to work with proxies. I make ...
... Chapter 3 characterizes the initial endowments of markets and institutions and the policy reforms implemented in India. Chapter 4 examines the structural changes of the economy in response to the reforms. Chapter 5 analyses competitive ...
... chapter serves as a basic conceptual structure for the discussion of the following chapters in tracing the evolution of markets and institutions. To recall, I take the approach that policy reforms are parameter and qualitative shifts in ...
... chapter, from Coase's idea of transaction costs, two streams of analysis came about in the discipline of economics. One is the economics of organization, that a significant level of economic activity in a free market economy is governed ...
Contents
Initial conditions and economic policy reforms | |
Figures | |
Percentage share of three major sectors in employment and | |
The direction of structural changes | |
Transaction costs of the Inspector Raj in May 2000 | |
RD expenditure by the large Indian companies | |
Organizational change | |
Sample of acquiring firms involved in the MAs process between 1995 | |
Annual average growth rate of vertical integration 19909 a sample of commodity and manufacturing industries | |
Some indicators of postreform India | |
The evolution of public and private order institutions | |
Institutions for effective tax administration | |
Conclusion | |
Performance of the Indian economy 19702001 | |
Comparative profile of financial intermediaries and markets in India | |
some selected indicators 19801 to 20001 | |
Foreign direct investment and trade in India | |
Growth rates and sectoral shares of the service industry | |
Competitive dynamics | |
motorcycle industry Bajaj Auto and Hero Honda | |
India | |
Technological change | |
Industrywise breakdown of foreign collaboration approvals in India | |
The industry list | |
Firmlevel data | |
Econometric explanation of market shares | |
Industries with decline in annual average growth rate in vertical | |
Notes | |
References | |
Index | |
integration 19909 | |
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 |