Conventions and Structures in Economic Organization
Markets, Networks and Hierarchies. New Horizons in Institutional and Evolutionary Economics Series
For individual actors involved in economic activities (i.e. production, exchanges), conventions and structures represent two different types of opportunity or constraint. Conventions refer to values, rules and representations that influence economic behaviour. Structures refer to patterns of resource interdependencies existing among members of any social system. This book contributes to the current rapprochement between economics and sociology. It examines the fact that individuals use rules and interdependencies to forward their own interests, while living in social environments where everyone does the same. The authors argue that to construct durable organizations and viable markets, they need to be able to handle both. However, thus far, economists and sociologists have not been able to reconcile the relationship between these two types of constraints on economic activity. Conventions and Structures in Economic Organization seeks to bridge this gap and will appeal to students and scholars in both economics and sociology, offering them new ideas about how they can co-operate in unsuspected ways and combine their interdisciplinary efforts.
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What Reviewers Are Saying
'One of the most exciting developments in recent European economic thought is the emergence of the approach known as "the economics of convention". No better introduction to this school of thought, with its interesting mixture of economics and sociology, could be had than this anthology, which is edited by economist Olivier Favereau and sociologist Emmanuel Lazega.' -- Richard Swedberg, Stockholm University, Sweden