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New Institutional Dimensions of Economics

Comparative Elaboration and Application

  • Book
  • © 1988

Overview

Authors:
  1. Karl E. Schenk

    1. Institut für Außenhandel und Überseewirtschaft der Universität Hamburg, Hamburg 13, Germany

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Part of the book series: Studies in Contemporary Economics (CONTEMPORARY)

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Table of contents (15 chapters)

  1. Front Matter

    Pages N2-IX
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  2. Introduction

    1. Introduction

      • Karl E. Schenk
      Pages 1-6

  3. From Rational Choice towards Institutional Variability

    1. Economic Systems from the Co-Ordination Perspective

      • Karl E. Schenk
      Pages 7-22

    2. A Comprehensive Version of Institutional Choice

      • Karl E. Schenk
      Pages 23-34

    3. A Rational and More Comprehensive Framework for Industrial Organization Studies

      • Karl E. Schenk
      Pages 35-50

  4. The Co-Ordination Perspective Elaborated

    1. The Scope of the Systems Approach

      • Karl E. Schenk
      Pages 51-65

    2. Co-Ordination Procedures between Subsystems: Economic Policy Regimes

      • Karl E. Schenk
      Pages 66-73

    3. Co-Ordination Procedures between Subsystems: Governance Procedures

      • Karl E. Schenk
      Pages 74-90

  6. Behavioural and Economic Consequences of Different Economic Systems

    1. A System with Dominant Government Directory Regimes

      • Karl E. Schenk
      Pages 136-151

    2. A System with Dominant Regulatory Regimes

      • Karl E. Schenk
      Pages 152-169

    3. A System with Dominant Commercial Regimes

      • Karl E. Schenk
      Pages 170-178

    4. Retrospect and Prospect

      • Karl E. Schenk
      Pages 179-185

  7. Back Matter

    Pages 186-196
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Keywords

About this book

Among economists the recognition of the importance of social and eco­ 1 nomic institutions has grown during the last ten years. Even be­ fore the more recent period, however, this trend of thought was 2 clearly noticeable. The origin and formation of institutions was one of the issues which, according to C. MENGER, should playa central 3 role in economics. Nevertheless, this tradition is not reflected in mainstream eco­ nomics. L. HURWICZ characterizes this failure by observing that "tra­ ditionally, economic analysis treats the economic system as one of the givens" (1973, p. 1). In this case "system" may be understood in a narrower or in a wider sense comprising only contracts (on markets) or a larger variety of procedures for the co-ordination of economic activities as, for instance, managerial hierarchies. In view of the prominent role of price theory in mainstream economics one would guess that-the system is perceived to comprise mainly contracts as co-ordinating procedures: prices form a constituent part of contracts on markets but not of other co-ordination procedures. This indicates an understanding in the narrow sense. There is an additional and even more convincing argument in favour of our contention that mainstream economics is based on this narrow interpretation of the economic system: It evaluates alternative situations by reference to the allocation of the factors of production, i. e. by comparing outcomes of the economic process. Doing so is only logical if the economic system is understood as a system of contracting on markets.

Authors and Affiliations

  • Institut für Außenhandel und Überseewirtschaft der Universität Hamburg, Hamburg 13, Germany

    Karl E. Schenk

Bibliographic Information

  • Book Title: New Institutional Dimensions of Economics

  • Book Subtitle: Comparative Elaboration and Application

  • Authors: Karl E. Schenk

  • Series Title: Studies in Contemporary Economics

  • DOI: https://doi.org/10.1007/978-3-642-83320-5

  • Publisher: Springer Berlin, Heidelberg

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer-Verlag Berlin Heidelberg 1988

  • Softcover ISBN: 978-3-540-18738-7Published: 12 January 1988

  • eBook ISBN: 978-3-642-83320-5Published: 06 December 2012

  • Series ISSN: 1431-8806

  • Edition Number: 1

  • Number of Pages: IX, 196

  • Number of Illustrations: 1 b/w illustrations

  • Topics: Economics, general

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