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Pricing, Valuation and Systems

Essays in Neoinstitutional Economics

By (author) Marc R. Tool
Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 1st Jan 1995
Dimensions: w 234mm h 156mm d 20mm
Weight: 559g
ISBN-10: 185278976X
ISBN-13: 9781852789763
Barcode No: 9781852789763
Pricing, Valuation and Systems reintroduces American neoinstitutional economics as an alternative to the neoclassical orthodoxy. Neoinstitutionalism, Professor Tool argues, provides a pragmatic analysis that confirms that most prices and costs are set by empowered discretionary agents, not by impersonal free markets. Similarly, the institutional fabric of contemporary economic systems is shown to be defined by agents with power, not natural laws or `ism' models. The author's analysis is based upon the instrumental value theory of neoinstitutionalism rather than the utility value theory of neoclassicism. It challenges the price theory `heartland' of neoclassical theory and the `market shock' approach to restructuring Eastern Europe and offers neoinstitutional alternatives.

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