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The New Institutional Economics: Taking Stock, Looking Ahead
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In this paper, the authors examine the progressive development of the new institutional economics over the past quarter century, distinguishing four levels of social analysis, with special emphasis on the institutional environment and the institutions of governance.Abstract:
This paper examines the progressive development of the new institutional economics over the past quarter century. It begins by distinguishing four levels of social analysis, with special emphasis on the institutional environment and the institutions of governance. It then turns to some of the good ideas out of which the NIE works: the description of human actors, feasibility, firms as governance structures, and operationalization. Applications, including privatization, are briefly discussed. Its empirical successes, public policy applications, and other accomplishments notwithstanding, there is a vast amount of unfinished business.read more
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The Economic Institutions of Capitalism
TL;DR: The 2008 crash has left all the established economic doctrines - equilibrium models, real business cycles, disequilibria models - in disarray as discussed by the authors, and a good viewpoint to take bearings anew lies in comparing the post-Great Depression institutions with those emerging from Thatcher and Reagan's economic policies: deregulation, exogenous vs. endoge- nous money, shadow banking vs. Volcker's Rule.
Journal ArticleDOI
An institution-based view of international business strategy: a focus on emerging economies
TL;DR: In this article, the authors argue that an institution-based view of international business strategy has emerged and is positioned as one leg that helps sustain the "strategy tripod" (the other two legs consisting of the industry- and resource-based views).
Journal ArticleDOI
Institutions and axioms: an extension and update of service-dominant logic
Stephen L. Vargo,Robert F. Lusch +1 more
TL;DR: In this paper, an eleventh foundational premise (fifth axiom) is introduced, focusing on the role of institutions and institutional arrangements in systems of value cocreation: service ecosystems.
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Does culture affect economic outcomes
Luigi Guiso,Luigi Guiso,Luigi Guiso,Paola Sapienza,Luigi Zingales,Luigi Zingales,Luigi Zingales +6 more
TL;DR: This paper introduced culturally-based explanations into economics that can be tested and may substantially enrich our understanding of economic phenomena, and summarized this approach and its achievements so far, and outlines directions for future research.
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Institutions and the path to the modern economy
TL;DR: In this article, the authors present a multi-disciplinary perspective to study endogenous institutions and their dynamics, including the influence of the past, the ability of institutions to change, and the difficulty to study them empirically and devise a policy aimed at altering them.
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An introduction to the bootstrap
Bradley Efron,Robert Tibshirani +1 more
TL;DR: This article presents bootstrap methods for estimation, using simple arguments, with Minitab macros for implementing these methods, as well as some examples of how these methods could be used for estimation purposes.
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Economic Action and Social Structure: The Problem of Embeddedness
TL;DR: In this article, the extent to which economic action is embedded in structures of social relations, in modern industrial society, is examined, and it is argued that reformist economists who attempt to bring social structure back in do so in the "oversocialized" way criticized by Dennis Wrong.
Journal ArticleDOI
The Nature of the Firm
TL;DR: In this paper, it is shown that a definition of a firm may be obtained which is not only realistic in that it corresponds to what is meant by a firm in the real world, but is tractable by two of the most powerful instruments of economic analysis developed by Marshall, the idea of the margin and that of substitution.
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The Economic Institutions of Capitalism
TL;DR: The Economic Institutions of Capitalism as mentioned in this paper is a seminal work in the field of economic institutions of capitalism. Journal of Economic Issues: Vol. 21, No. 1, pp. 528-530.