Overview

In the spring on 2006, a workshop was held at Michigan State University to honour the career of A. Allan Schmid and his writings about how institutions evolve and how alternative institutions, including property rights, shape political relationships and impact economic performance. This edited book is the outcome of the workshop. It is a collection of original essays that explores several approaches to understanding the impact of alternative legal-economic institutions. The collection investigates questions such as: What are the similarities and differences among the various strands and approaches? Could parts of the different approaches be integrated to achieve greater insight into economic behaviour? Do different analytical problems require different approaches? Are the various strands of institutionalism actually saying the same things, but using different language and perspective? In gathering together authors who represent different approaches or strands of institutionalism, this book addresses several different issues such as transactions as the unit of observation, bounded rationality and learning, power issues embedded in the concept of efficiency, comparative empirical analysis, multiple equilibria and institutional diversity within a given environment, specification of institutional rules and structures, evolutionary perspectives, decentralized processes, and the significance of historical content.

Full Product Details

Author:   Sandra Batie ,  Nicholas Mercuro
Publisher:   Taylor & Francis Ltd
Imprint:   Routledge
Weight:   0.612kg
ISBN:  

9781138805408

ISBN 10:   1138805408
Pages:   448
Publication Date:   23 June 2014
Audience:   College/higher education ,  Tertiary & Higher Education ,  Undergraduate
Format:   Paperback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

1 Power and the troublesome economist: complementarities among recent institutional theorists 2 Some problems in assessing the evolution and impact of institutions 3 Developing a method for analyzing institutional change 4 Does economic development require “certain” property rights? 5 Institutional economics as volitional pragmatism 6 Institutions and rationality 7 Simplicity in institutional design 8 The essence of economics: law, participation and institutional choice (two ways) 9 Is law facilitating or inhibiting transactions? 10 On Institutional Individualism as a middle-way mode of explanation for approaching organizational issues 11 The role of attitudes in action and institutional change: an evolutionary perspective 12 Post-Keynesian institutionalism and the anxious society 13 Toward a theory of induced institutional change: power, labor markets, and institutional change 14 The instituted nature of market information: the case of induced innovation and environmental regulation 15 The role of culture and social norms in theories of institutional change: the case of agricultural cooperatives 16 Payment for environmental services and other institutions for protecting drinking water in eastern Costa Rica 17 A dialogue on institutions: various approaches to assessing the evolution and impact of alternative institutional structures

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Author Information

Sandra S. Batie is the Elton R. Smith Professor in Food and Agricultural Policy, Department of Agricultural Economics, Michigan State University and Fellow of the American Agricultural Economics Association. Nicholas Mercuro is Professor of Law in Residence at the Michigan State University College of Law and member of the faculty of MSU’s James Madison College and founder and co-editor of The Economics of Legal Relationships series with Routledge.

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