This innovative and important book develops a new framework for analysing exchange that takes place within and outside markets over the course of development.
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An Anatomy of Economic Transactions
Peter A. Cornelisse and Erik Thorbecke
The book incorporates the essential elements of institutional theory and highlights the issues pertaining to the measurement of institutional characteristics and the empirical analyses involving such measurement. It provides the theoretical framework of and empirical evidence on fiscal institutions, covering budgetary rules and procedures as well as fiscal decentralization, and reviews the theoretical framework for monetary institutions such as central bank independence, currency boards, monetary unions and inflation targeting in addition to providing empirical evidence on their effectiveness. The role of bank regulation and supervision is also investigated. This path-breaking and original book will prove a fascinating read for a wide-ranging audience including academics, think tanks, international development agencies and policymakers within the fields of development, economics, heterodox economics and money, banking and finance.
A New Perspective
Jamee K. Moudud
Jamee Moudud provides a new microfoundational explanation for the Harrodian long-run or warranted growth rate. The author, emphasizing the role of Keynesian uncertainty, shows that the growth model is anchored in a new interpretation of the Oxford Economists’ Research Group’s microeconomic analysis and a variant of the stock-flow consistent framework. In a distinctly Kaldorian vein, Jamee Moudud discusses the relationship between capital budgeting, public investment, and taxation policy as it relates to the warranted growth rate and its impact on long-term involuntary unemployment.
William A. Jackson
Economics, Culture and Social Theory examines how culture has been neglected in economic theorising and considers how economics could benefit by incorporating ideas from social and cultural theory.
Institutions, Technology and Policy in Reregulated Infrastructures
Edited by Rolf W. Kunneke, John Groenewegen and Jean-François Auger
Infrastructures are subject to substantial readjustments of governance structures, often labeled as liberalization, privatization or re-regulation. This affects all traditional infrastructure sectors including communications, energy, transport and water. This study highlights and illustrates some of the major challenges for readjusting the governance of network industries from an economic, institutional, political and technological perspective. The three parts of the book address the institutional design of infrastructures, the role of technology in different sectors and actor behaviour.
Institutional Choices Under Globalisation
Edited by Silvia Sacchetti and Roger Sugden
This innovative book offers a critical perspective on the state of the current global economy, making sense of knowledge-related issues by critically assessing existing institutional choices, as well as pointing to new ways forward.
Christopher J. Coyne and Peter T. Leeson
Media, Development, and Institutional Change investigates mass media’s profound ability to affect institutional change and economic development. The authors use the tools of economics to illuminate the media’s role in enabling and inhibiting political–economic reforms that promote development.
Edited by Claude Ménard and Michel Ghertman
Building on Oliver Williamson’s original analysis, the contributors introduce new ideas, different perspectives and provide tools for better understanding changes in the approach to regulation, the reform of public utilities, and the complex problems of governance. They draw largely upon a transaction cost approach, highlighting the challenges faced by major economic sectors and identifying critical flaws in prevailing views on regulation. Deeply rooted in sector analysis, the book conveys a central message of new institutional economics: that theory should be continuously confronted by facts, and reformed or revolutionized accordingly.
A Multidisciplinary Approach
Ernst ten Heuvelhof, Martin de Jong, Mirjam Kars and Helen Stout
This in-depth book explains how institutional changes such as the privatization and liberalization of network industries, for example transport, energy or telecommunications, can frequently be disappointing. The expected benefits such as lower prices, innovation and better services fail to materialize, often because the number of competitors is low. The authors demonstrate how strategic actor behaviour of one or more of the firms involved can help explain these disappointing results.
Edited by Per-Olof Bjuggren and Dennis C. Mueller
This book explores the revolutionary development of the theory of the firm over the past 35 years. Despite rapid progress in the field, new developments in the microeconomic and industrial organization literature have been relatively scant. This book attempts to redress the balance by providing a comprehensive overview of the theory of the firm before moving on to examine firms and the organization of their economic activities. The contributors also investigate the impact of ownership structure and board composition on firm performance and study how the institutional framework of an economy affects investment decisions.