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The Institutional Economy

Demand and Supply

By (author) David Reisman
Format: Hardback
Publisher: Edward Elgar Publishing Ltd, Cheltenham, United Kingdom
Published: 27th Mar 2002
Dimensions: w 156mm h 234mm d 20mm
Weight: 579g
ISBN-10: 1840646748
ISBN-13: 9781840646740
Barcode No: 9781840646740
The institutional economy is the economy of rules and laws, conventions and precedents. It is prices but also practices, change but also constancy, individual but also interdependence. David Reisman argues that conformity and repetition as well as new initiatives and mould-breaking departures constitute the essence of supply and demand. This comprehensive text examines the role that institutions play in economic life. The discussion begins with common values, shared traditions and individual habits which have their roots in the past. It goes on to consider consumer preferences, needs and wants, altruism, malevolence, intrinsic motivation, organizational memory and the social capital that is embedded in networks and communities. Its conclusion is that there is a case for a broadly-based economics which is a science of norms and standards as well as a theory of prices and costs. Culture is continuity and patter, precisely the same is true of supply and demand.

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