The Institutional Economy

The Institutional Economy

Demand and Supply

David Reisman

This thorough and comprehensive book examines the role that institutions play in economic life. The discussion begins with common values, shared traditions and individual habits which have their roots in the past. It goes on to consider consumer preferences, needs and wants, altruism, malevolence, intrinsic motivation, organisational memory and the social capital that is embedded in networks and communities. Its conclusion is that there is a case for a broadly-based economics which is a science of norms and standards as well as a theory of prices and costs. Culture is continuity and pattern. Precisely the same is true of supply and demand.