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Edited by Geoffrey M. Hodgson

In the 1990s, institutional and evolutionary economics emerged as one of the most creative and successful approaches in the modern social sciences. This timely reader gathers together seminal contributions from leading international authors in the field of institutional and evolutionary economics including Eileen Appelbaum, Benjamin Coriat, Giovanni Dosi, Sheila C. Dow, Bengt-Åke Lundvall, Uskali Mäki, Bart Nooteboom and Marc R. Tool. The emphasis is on key concepts such as learning, trust, power, pricing and markets, with some essays devoted to methodology and others to the comparison of different forms of capitalism. An extensive introduction places the contributions in the context of the historical and theoretical background of
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Edited by Geoffrey M. Hodgson

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Edited by Geoffrey M. Hodgson

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Geoffrey M. Hodgson

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Geoffrey M. Hodgson

Spanning several academic disciplines, the study of economic institutions is now prominent in the social sciences. But partly because of this multi-disciplinarity, there are disputes over the definitions and understanding of key terms, as well as the deployment of different methods. This chapter examines some of the most important terms, including institution and rule. It also considers possible explanations of rule-following and of the adequacy of the rational choice approach. Particular types of economic institutions, such as firms, markets, property, money and the state are also discussed. A penultimate section reviews work that has established the importance of institutions in economic development. A final section addresses the future of institutional research.

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Geoffrey M. Hodgson

Despite strong interest in market outcomes, economists have previously paid relatively little attention to the institutional structure of markets. But sociologists have often regarded the study of markets as the job of the economist. Consequently, both economists and sociologists have neglected the institutional character of markets. This chapter considers the historical evolution of markets and offers several alternative definitions, involving different degrees of historical specificity. It is argued that recent developments in economics and sociology point to a more nuanced view of markets, involving recognition of different types of market mechanisms and institutions. These developments include work in experimental economics and auction theory, and from socio-economics and economic sociology. A definition of markets is offered that is consistent with these developments.

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Geoffrey M. Hodgson

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Geoffrey M. Hodgson

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Edited by Geoffrey M. Hodgson