By Geoffrey M. Hodgson, ed.

Within the Nineties, institutional and evolutionary economics emerged as essentially the most inventive and winning ways within the sleek social sciences. This reader gathers jointly contributions from top foreign authors within the box of institutional and evolutionary economics together with Eileen Appelbaum, Benjamin Coriat, Giovanni Dosi, Sheila C. Dow, Bengt-Ake Lundvall, Uskli Maki, Bart Nooteboom and Marc R. software. The emphasis is on key ideas resembling studying, belief energy, pricing and markets,with a few essays dedicated to technique and others to the comparability of alternative varieties of capitalism.

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Additional info for A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).)

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270–79). One can hardly claim generality when confronted with substantial non-conforming conduct and events. As I explore below, managers, at least of large-scale enterprises, are increasingly perceived as price makers rather than price takers. Fix-price models usually come closer to reality than flex-price models. As Arthur Okun (1981, p. 23) observed, ‘models that focus on price takers and auctioneers and that assume continuous clearing of the market generate inaccurate microeconomics as well as misleading macroeconomics’.

1). He seeks to provide a new micro foundation for Keynesian macroeconomic theory. , pp. 4–5). Two attributes in particular distinguish this pricing model from orthodox approaches. First, ‘it is predicated upon realistic assumptions’. Second, it yields determinate solutions; empirically demonstrable accounts of pricing can be derived. The realistic assumptions are rooted in institutionalist contributions: megacorps are characterized by a separation of ownership and managerial control. ‘Production occurs within multiple plants or plant segments’ in which the factor coefficients are fixed by both ‘technological and institutional constraints’.

213–39). Means is the principal formulator of ‘the theory of administered pricing’. Following is one of his more illuminating presentations of this idea: An administered price has been defined as a price which is set, usually by a seller, and held constant for a period of time and a series of transactions. Such a price does not imply the existence of monopoly or of collusion. However, it can occur only where a particular market is dominated by one or relatively few sellers (or buyers). It is the normal method of selling in most markets today.

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