Institutional Economics An Introduction

by Van den Berg, Annette; Spithoven, Antoon; Groenewegen, John

ISBN13: 9780230550742

ISBN10: 0230550746

Format: Paperback

Pub. Date: 2010-02-15

Publisher(s): Red Globe Pr

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Summary

Institutional economics is an increasingly important area in the field which also verges into political science and sociology. This concise and lucid textbook, which assumes a basic understanding of neoclassical economics, introduces the key ideas, emphasizing the "new" institutional economics but grounding readers in the traditional perspectives.

Author Biography

ANNETTE VAN DEN BERG is Lecturer of Institutional Economics at Utrecht University.
ANTOON SPITHOVEN is Lecturer of Institutional Economics at Utrecht University.
JOHN GROENEWEGEN is Professor of Institutional Economics at Rotterdam School of Economics of Erasmus University Rotterdam. He is also Professor of Economics of Infrastructures at the Technical University Delft.

List of Figures, Tables and Boxes	p. ix
Preface	p. xiii
Acknowledgments	p. xv
About the Authors	p. xvii
List of Abbreviations	p. xix
Introduction
Introduction	p. 2
What Is Institutional Economics About?	p. 5
Introduction: a world of transactions	p. 5
Coordinating transactions in a complex world	p. 8
Institutional Economics	p. 13
Institutions matter	p. 36
A brief outline of the book	p. 38
Review questions	p. 42
Neoclassical analysis of market structures	p. 44
Deviations from the perfect competition model	p. 50
Theory
Introduction	p. 54
Theoretical Framework	p. 55
Introduction	p. 55
On theory	p. 56
Two schools in Institutional Economics: NIE and OIE	p. 64
On the relevance of institutional theories	p. 78
A closer look at economic systems	p. 82
Concluding remarks	p. 85
Review questions	p. 85
Veblen and Commons, the founding fathers of Institutional Economics	p. 87
Douglass North	p. 88
Static Approaches to Institutions	p. 91
Introduction	p. 91
Property rights theory	p. 93
Contract theories	p. 106
Transaction cost theory of governance structures	p. 118
The vested interest approach	p. 129
Concluding remarks	p. 132
Review questions	p. 133
The Dynamics of Institutions	p. 135
Introduction	p. 135
Drivers of institutional change	p. 136
The evolutionary approach toward the dynamics of institutions	p. 141
The design approach toward the dynamics of institutions	p. 150
Dynamics of economic systems	p. 155
Concluding remarks	p. 157
Review questions	p. 158
Private Governance Structures
Introduction	p. 160
Markets	p. 167
Introduction	p. 167
The static efficiency approach to markets	p. 170
The static vested interest approach to markets	p. 183
The dynamic efficiency approach to markets	p. 185
The dynamic vested interests approach to markets	p. 192
Concluding remarks	p. 196
Review questions	p. 197
Appendix: Different types of auctions	p. 198
Firms	p. 201
Introduction	p. 201
The static efficiency approach to firms	p. 203
The static vested interest approach to firms	p. 211
The dynamic efficiency approach to firms	p. 221
The dynamic vested interest approach to firms	p. 226
Concluding remarks	p. 232
Review questions	p. 233
Cooperation between Firms	p. 235
Introduction	p. 235
Cooperation between firms in theory and practice	p. 236
The static efficiency approach to hybrids	p. 245
The static vested interest approach to hybrids	p. 250
The dynamic efficiency approach to hybrids	p. 251
The dynamic vested interest approach to hybrids	p. 254
Concluding remarks	p. 258
Review questions	p. 259
Public Governance Structures
Introduction	p. 262
State Intervention to Protect the Public Interest	p. 271
Introduction	p. 271
The static approach to state intervention	p. 272
The dynamic approach to state intervention	p. 305
Concluding remarks	p. 319
Review questions	p. 319
Elaboration of the fixed costs argument and returns to scale	p. 321
Graphical illustration of the difficulties of regulating a natural monopoly	p. 323
Graphical illustration of a corrective tax in case of a negative externality	p. 324
Government Failures	p. 325
Introduction	p. 325
The static approach to government failures	p. 328
The dynamic approach to government failures	p. 348
Concluding remarks	p. 362
Review questions	p. 363
Arrow's impossibility theorem	p. 364
Graphical elaboration of the bureaucracy theory	p. 366
Epilog	p. 367
Glossary	p. 369
References	p. 379
Index	p. 385
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Institutional Economics An Introduction

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