Journal ArticleDOI
Spontaneous Market Order and Social Rules
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TLDR
A market is a system of social interaction characterized by a specific institutional framework, that is, by a set of rules defining certain restrictions on the behavior of the market participants.Abstract:
Discoverers of “market failures” as well as advocates of the general efficiency of a “true, unhampered market” sometimes seem to disregard the fundamental fact that there is no such thing as a “market as such.” What we call a market is always a system of social interaction characterized by a specific institutional framework, that is, by a set of rules defining certain restrictions on the behavior of the market participants, whether these rules are informal, enforced by private sanctions, or formal, enforced by a particular agency, the “protective state,” in J. M. Buchanan's (1975) terminology.read more
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Cultural group selection, coevolutionary processes and large-scale cooperation
TL;DR: It is explained how, in contrast to non-cultural species, the details of the authors' evolved cultural learning capacities create the conditions for the cultural evolution of prosociality, and how natural selection is likely to favor prosocial genes that would not be expected in a purely genetic approach.
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Institutional economics: surveying the 'old' and the 'new'
TL;DR: The authors surveys and compares the literature on the "new" institutionalism (North, Williamson, etc.) with that of the "old" (Veblen, Commons, Mitchell).
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Efficient status seeking: Externalities, and the evolution of status games
TL;DR: In this paper, status-seeking games are defined as games in which an individual's utility is determined by his relative expenditure on statusseeking activities rather than his absolute consumption, and it is likely that relatively efficient status conferring mechanisms will tend to displace less efficient ones.
Journal ArticleDOI
The Evolution of Institutions: An Agenda for Future Theoretical Research
TL;DR: In this article, the authors review some theoretical questions concerning the processes of institutional evolution and the necessity of assuming the prior existence of some other institutions, such as language, is underlined.
Journal ArticleDOI
Institutional economic theory: the old versus the new
TL;DR: This article made some limited comparisons between the new institutionalism of Williamson, Schotter, Hayek and others and the old institutionalism, particularly of Veblen, and argued that a fundamental feature of the "new" institutionalism in which it contrasts with the "old" is its close attachment to the idea of the abstract individual of classic liberal ideology.
References
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Book
The Evolution of Cooperation
TL;DR: In this paper, a model based on the concept of an evolutionarily stable strategy in the context of the Prisoner's Dilemma game was developed for cooperation in organisms, and the results of a computer tournament showed how cooperation based on reciprocity can get started in an asocial world, can thrive while interacting with a wide range of other strategies, and can resist invasion once fully established.
Book
A Treatise of Human Nature
TL;DR: Hume's early years and education is described in a treatise of human nature as discussed by the authors. But it is not a complete account of the early years of his life and education.
Book
Anarchy, State, and Utopia
TL;DR: In Anarchy, State, and Utopia as discussed by the authors, Nozick argues that the state is justified only when it is severely limited to the narrow function of protection against force, theft and fraud and to the enforcement of contracts.
Book
Convention: A Philosophical Study
TL;DR: In this article, W. Quine discusses the relationship between coordination and convention, and the meaning of signals and their application in the context of semantics in a possible language and in a population.
Book
Individualism and Economic Order
TL;DR: I: Individualism: True and False II: Economics and Knowledge III: The Facts of the Social Sciences IV: The Use of Knowledge in Society V: The Meaning of Competition VI: Free Enterprise and Competitive Order VII: Socialist Calculation I: The Nature and history of the Problem VIII: Socialist calculation II: The State of the Debate (1935) IX: Socialist calculus III: the Competitive "Solution" X: A Commodity Reserve Currency XI: The Ricardo Effect XII: The Economic Conditions of Interstate Federalism