By Geoffrey M. Hodgson, ed.

Within the Nineties, institutional and evolutionary economics emerged as the most inventive and winning techniques within the smooth social sciences. This reader gathers jointly contributions from prime 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. instrument. The emphasis is on key ideas resembling studying, belief strength, pricing and markets,with a few essays dedicated to technique and others to the comparability of other sorts of capitalism.

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Extra 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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P. 10). The deterministic solutions, as explanations, become evident ‘only from the long-run perspective of the industry as a whole, with one megacorp, the price leader, acting as a surrogate for all members of that industry’. The longrun view does not explain the ‘absolute price level but rather the change in that price level from one period to the next … the marginal adjustment’. , p. 4). What is demonstrated is that the pricing decision for a price-leader megacorp ‘is ultimately linked to the investment decision.

1975b), pp. 33–67. Blair, John M. (1976), The Control of Oil, New York: Pantheon. Bush, Paul Dale (1987), ‘The theory of institutional change’, Journal of Economic Issues, 21(3), September, pp. 1075–116. Reprinted in Geoffrey M. ) (1993), The Economics of Institutions, Aldershot: Edward Elgar. Chamberlin, Edward H. (1933), The Theory of Monopolistic Competition, Cambridge, MA: Harvard University Press. Dugger, William M. ) (1989), Corporate Hegemony, Westport, CN: Greenwood Press. Eichner, Alfred S.

He relies on 16 Learning, trust, power and markets rule-of-thumb. , p. 18). In sum, price control in imperfect markets is comparatively easy and can be quite successful; price control in price-competitive markets – markets where market shares are small and pricing power is more limited than in oligopolistic firms – can also succeed but is more difficult. 2 For Galbraith, the ‘technostructure becomes the commanding power’ in the modern giant corporation. As organized management, it is the locus of discretion over pricing decisions and much else that affects the character and continuity of the large corporation.

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