A Modern Reader in Institutional and Evolutionary Economics: by Geoffrey M. Hodgson, ed.

By Geoffrey M. Hodgson, ed.

Within the Nineties, institutional and evolutionary economics emerged as essentially the most inventive and profitable methods within the glossy social sciences. This reader gathers jointly contributions from best 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 techniques reminiscent of studying, belief energy, pricing and markets,with a few essays dedicated to method and others to the comparability of alternative varieties of capitalism.

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Governance of a megacorp is necessarily conjoint; members of the technostructure respectively contribute their expertise and insights in reaching judgements. ‘Collective intelligence’ guides managerial decision-making; the positions of hierarchical ‘heads’ – president, chairman, director – are often status-conferring, anachronistic relics of an older order from which power is eroding. , p. 89). The purposive goals which drive the technostructure – the uses to which its de facto power are put – are twofold: to protect ‘the autonomy of its decisionmaking primarily by seeking to secure a minimum level of earnings’ and to reward ‘itself affirmatively with growth’ of the firm.

This ‘Price Czar Novitiate’ (Galbraith, 1981, pp. 124– 44) had the task of introducing and managing a comprehensive programme of price control and rationing for the wartime American economy. As preparation for that task, a long tradition of market-deferential, neoclassical analysis was, in his view, largely irrelevant. Orthodox economists thought it was unwise for him to undertake such a responsibility and impossible for him to achieve the goal sought (Galbraith, 1952, pp. 2–7). In an important, if small and unfortunately neglected, book reflecting on this experience, The Theory of Price Control (1952), Galbraith explains how his understanding of actual corporate pricing behaviour was comprehensively expanded and empirically reconfirmed by his experience as head of the OPA.

Indeed, he sought to bring the two approaches into closer analytical congruity with his edited volume on Why Economics Is Not Yet a Science (1983). He considers the neoclassical tradition, and especially its price theory, ‘intellectually bankrupt’; its claims to generality and scientific status are without foundation. Because of its vacuousness, it is an unreliable guide to policy-making (Eichner, 1983, pp. 205–6). In these judgements, institutionalists concur. Eichner sets the familiar institutional context: ‘commodity markets have been largely superseded by industrial markets and the family business by the 18 Learning, trust, power and markets megacorp as the representative firm within those markets’ (Eichner, 1987, p.

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