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Institutional Variety in East Asia

Formal and Informal Patterns of Coordination

Edited by Werner Pascha, Cornelia Storz and Markus Taube

This illuminating book broadly addresses the emerging field of ‘diversity of capitalism’ from a comparative institutional approach. It explores the varied patterns for achieving coordination in different economic systems, applying them specifically to China, Japan and South Korea. These countries are of particular interest due to the fact that they are often considered to have developed their own peculiar blend of models of capitalism.
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Deep Complexity and the Social Sciences

Experience, Modelling and Operationality

Robert Delorme

In this innovative work, Robert Delorme comprehensively explores uncertainty (the irreducibility to numerically measurable probabilities) and ignorance in economics, management and the social sciences through an alternative, systematically built analytical framework. This unique book takes uncertainty and ignorance seriously and addresses them as instances of ‘deep complexity’ (problem situations so deeply ill-structured that they cannot be grasped with the concepts and tools of classical science). Building on the works of Herbert Simon, Heinz von Foerster and John von Neumann, the author develops an alternative framework that encompasses, rather than rejects, the classical framework. The outcome of this novel approach is ‘effective deep complexity’, comprising three aspects: an effective alternative framework, which brings an answer to a fundamental issue on the implications of uncertainty for scientific reasoning; a behavioural theory of deeply ill-structured problem-situations; and a decision-and-action support system.
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David Emanuel Andersson

Property Rights, Consumption and the Market Process extends property rights theory in new and exciting directions by combining complementary insights from Austrian, institutional and evolutionary economics. Mainstream economics tends to analyse property rights within a static equilibrium framework. In this book David Andersson reformulates property rights theory as an evolutionary theory of the market process.
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Evolutionary Economic Thought

European Contributions and Concepts

Edited by Jürgen G. Backhaus

Evolutionary Economic Thought explores the theoretical roots of the evolutionary approach, and in so doing, demonstrates how it fits squarely into the theoretical mainstream. Focusing on the institutions of evolutionary change and the processes – such as competition – that generate change, this book takes account of important European contributions to the discipline, hitherto overshadowed by the American paradigm. As such, the book serves to broaden the current discourse. Whilst evolutionary economics itself is a well-researched and widely documented field, this book will be credited with establishing a history of evolutionary economic thought.
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Globalization and Institutions

Redefining the Rules of the Economic Game

Edited by Marie-Laure Djelic and Sigrid Quack

This volume investigates the relationship between economic globalization and institutions, or global governance, challenging the common assumption that globalization and institutionalization are essentially processes which exclude each other. Instead, the contributors to this book show that globalization is better perceived as a dual process of institutional change at the national level, and institution building at the transnational level. Rich, supporting empirical evidence is provided along with a theoretical conceptualization of the main actors, mechanisms and conditions involved in trickle-up and trickle-down trajectories through which national institutional systems are being transformed and transnational rules emerge.
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William A. Jackson

Economics, Culture and Social Theory examines how culture has been neglected in economic theorising and considers how economics could benefit by incorporating ideas from social and cultural theory.
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Entrepreneurship, Money and Coordination

Hayek’s Theory of Cultural Evolution

Edited by Jürgen G. Backhaus

Hayek’s theory of cultural evolution has always generated controversy. Interest in Hayek’s theory, and others’ analysis and criticism of it, has been rising of late. This volume urges a reconsideration of Hayeks’ theory of evolution and aims to explore the relevance of Hayek’s theory for its own sake and for evolutionary economics more generally.
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Åke E. Andersson and David Emanuel Andersson

In this challenging book, the authors demonstrate that economists tend to misunderstand capital. Frank Knight was an exception, as he argued that because all resources are more or less durable and have uncertain future uses they can consequently be classed as capital. Thus, capital rather than labor is the real source of creativity, innovation, and accumulation. But capital is also a phenomenon in time and in space. Offering a new and path-breaking theory, they show how durable capital with large spatial domains — infrastructural capital such as institutions, public knowledge, and networks — can help explain the long-term development of cities and nations.
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Åke E. Andersson and David Emanuel Andersson

The games of markets including entrepreneur-driven economic development have always taken place on an arena of the combined material and non-material infrastructure. The infrastructure thus constitutes the arena; it is public capital that facilitates and constrains the rapid “games” of buying and selling that economic agents play. Agents perceive the arena as stable because its evolution is so much slower than that of markets for goods and services. Synergetic theory is well equipped to handle such multiple timescales. Its application to economic phenomena enables us to show that competitive equilibrium theory requires prior specification of the infrastructural arena, which consists of public knowledge, space-bridging networks and institutions. Synergetic theory can also help us avoid the pitfalls of conventional macroeconomic theory. In this chapter, we demonstrate how macroeconomic equilibrium depends on the infrastructure. We claim that all goods are durable and are thus instances of capital. This means that historical trajectories, current outcomes, uncertain expectations and changes in spatial accessibility all influence the growth and fluctuations in the value of capital goods. Dynamic non-linear interactions between scientists, inventors and entrepreneurs affect investments. New technological or design ideas spread most easily among spatially proximate firms within communication and transport networks. Such network effects shape processes of spatial clustering, agglomeration and urbanization. Based on causal and various econometric considerations, it has been common for economists to resort to difference equation in their modeling strategies. But if we include dynamic interactions within a system of difference equations—so as to accommodate realistic causal assumptions—it will often result in complex models with chaotic outcomes. However, there are ways out of chaos in economic modeling. The first is to focus on continuous dynamic synergetic models, which implies a careful separation of variables and dynamic processes according to their relevant timescales as well as the collectiveness of their impacts.

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Åke E. Andersson and David Emanuel Andersson

Classical economists such as Adam Smith, David Ricardo, John Stuart Mill and Karl Marx introduced the concepts of time and capital to economics. They developed the labor theory of value, thereby assuming that the historical process of accumulated labor would determine the value of capital goods. By the end of the nineteenth century, a number of economists had started to question this approach to capital theory. Carl Menger proposed a completely different theory, focusing instead on the role of expectations. He used this new theory as an argument against the labor theory of value; the subjective preferences of consumers rather than labor inputs were for Menger the ultimate source of economic value, including the value of capital. According to Menger, historical circumstances have made goods available in the present, and these circumstances mostly reflect producers’ expectations of future profits. Subsequently, Eugen von Böhm-Bawerk and Knut Wicksell formulated dynamic models that showed that the expected future flow of returns would determine the value of capital. They linked this to an optimality condition that required the expected growth rate of the capital value to equal the interest rate on loanable funds. In this chapter, we show that markets for works of art offer an especially lucid illustration of the importance of expectations and the irrelevance of labor inputs. Frank Knight was the first economist to analyze the structural uncertainty of long-term expectations, while Irving Fisher showed that the credit market is essential for investors in real capital. Fisher suggested the possibility of using a two-stage decision process. In the first stage, the investor would aim to maximize the expected value of a project. The second stage would make the investor aim at an optimal solution by becoming a borrower in the credit market. Wicksell and later John Maynard Keynes modeled the dual problem of an equilibrium interest rate and another interest rate that arises within the banking system as a cause of inflation or unemployment. Only much later was this to become the main concern of central banks.