February 11, 2016 Curriculum Vitae Stephen A. Marglin EDUCATION
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JOI Volume 5 Issue 2 Cover and Front Matter
17441374_5-2.qxd 6/25/09 4:00 PM Page 1 Journal of ISSN 1744-1374 Economics Institutional of Journal Institutional Journal of Economics vol 5 • no 2 • AUGUST 2009 Institutional Economics Contents 137 Knowledge and the theory of institutional change vol 5 • no 2 • AUGUST 2009 Thráinn Eggertsson 151 Comparing theories of institutional change Chris Kingston and Gonzalo Caballero 181 Institutions and US regional development: a study of Massachusetts and Virginia Sukkoo Kim 207 Does institutional quality affect capital mobility? Evidence from developing countries Javed Younas 225 Comparative urban institutions and intertemporal externality: a revisit of the 5 • no 2 AUGUSTvol 2009 Coase conjecture Feng Deng Fragment 251 Self-deceit and self-serving bias: Adam Smith on ‘General Rules’ Elias L. Khalil Cambridge Journals Online For further information about this journal please go to the journal website at: journals.cambridge.org/joi Downloaded from https://www.cambridge.org/core. IP address: 170.106.35.76, on 28 Sep 2021 at 20:26:04, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1744137409001258 17441374_5-2.qxd 6/25/09 4:00 PM Page 2 Journal of Institutional Economics Journal of Institutional Economics editors statement of aims submission of articles subscriptions copying issn Institutions are the stuff of social and institutions and organizations. The Journal of Institutional Economics ( Geoffrey M. Hodgson (Editor-in-Chief) Submission should be made electronically to This journal is registered with the Copyright economic life. The importance of The Journal of Institutional Economics is an 1744-1374) is published three times a year, The Business School the Editor-in-Chief, Geoffrey Hodgson, via Clearance Center, 222 Rosewood Drive, understanding the role of institutions in interdisciplinary journal that will be of interest April, August and December. -
State Failure in Developing Countries and Strategies of Institutional Reform
State Failure in Developing Countries and Strategies of Institutional Reform Mushtaq H. Khan Department of Economics, SOAS, University of London. Abstract: The analysis of state failure and the policy debate have been driven by two very different underlying views of what the state does. The first, which we call the “service- delivery” view says the role of the state is to provide law and order, stable property rights, key public goods and welfarist redistributions. In failing to provide these, state failure contributes to economic under-performance and poverty. State failure of this type is in turn related to an inter-dependent constellation of governance failures including corruption and rent-seeking, distortions in markets and the absence of democracy. All of these need to be addressed to focus the state on its core service-delivery tasks. The second locates the developing country state in the context of “social transformation”: the dramatic transition these countries are going through as traditional production systems collapse and a capitalist economy begins to emerge. Dynamic transformation states have heavily intervened in property rights and devised rent-management systems to accelerate the capitalist transition and the acquisition of new technologies. State failure according to this view has been driven by the lack of institutional capacities in these respects, and more importantly, the incompatibility of institutional capacities with pre-existing distributions of power. An examination of the econometric data and historical evidence raises serious doubts as to whether the governance reforms suggested by the first view can improve growth, while the need for reforms identified by the second view are much better supported. -
Care and Freedom
Care and freedom Author: S. Umi Devi Persistent link: http://hdl.handle.net/2345/4083 This work is posted on eScholarship@BC, Boston College University Libraries. Berkeley, CA: Center for Working Families, University of California, Berkeley, 2000 Use of this resource is governed by the terms and conditions of the Creative Commons "Attribution-Noncommercial-No Derivative Works 3.0 United States" (http:// creativecommons.org/licenses/by-nc-nd/3.0/us/) Care and Freedom S. Uma Devi* October 2000 *S. Uma Devi is currently on sabbatical from her position as Chairperson of the Economics Department at the Univeristy of Kerala, India, where until recently she was also the Director of Women’s Studies. S. Uma Devi was a visiting scholar at the Center for Working Families during the Spring of 1999-2000. ÓCenter for Working Families, University of California, Berkeley Acknowledgments I am grateful to the Vanguard Foundation for generously funding my research on globalization, human development, and gender concerns. This paper, part of that ongoing project, would not have been possible but for Professor Arlie Hochschild’s keen interest and investment of time, energy, and care. She reversed the global chain of caregivers. I also thank Professors Arlie Hochschild and Barrie Thorne as co-directors of the Center for Working Families, for inviting me to affiliate with the center. Their team, consisting of Bonnie Kwan, Chi-Shan Lin, and Janet Oh, have gone out of their way to provide assistance with loving care. I will always cherish the cordial work atmosphere of the center. I also wish to thank Professors Hochschild and Thorne for their comments on an earlier draft of this paper, and Dr. -
Culture and Development Economics: Theory, Evidence, Implications
39-62b.qxd 22.10.2002 13:12 Page 39 POLSCI PAPERS CULTURE AND DEVELOPMENT ECONOMICS: THEORY, EVIDENCE, IMPLICATIONS Michael Woolcock * Vijayendra Rao ** Sabina Alkire *** 1 The only way to offer universality for one's scientific judgement is to use other disciplines that can contribute to that judgement - or, at least, this seems to be the latest consensus among scholars. Economics is a complex domain which cannot function well without the help of other sciences. Cultural variables are relevant for the economic studies because various forms of cultural behaviour have to be tested by economists for the success of developing and implementing economic strategies. Although economics has the arrogance to consider itself self sufficient, quantitative data must be sustained for accuracy by qualitative interpretations supplied by sociology or anthropology. One can, after using cultural data, find new research questions and raise more accurate theories. This article argues that multidisciplinary studies are the best cure for superficial and unfounded conclusions Key words: economy, culture, multidisciplinarity, development, social capital, epistemology * Michael Woolcock is social scientist with the Development Research Group at the World Bank and an adjunct lecturer in Public Policy at the Kennedy School of Government, Harvard University ** Vijayendra Rao is senior economist with the Development Research Group at the World Bank *** Sabina Alkire is research writer for the Commission on Human Security and Senior Research Associate with the Von Hugel Institute, University of Cambridge 1 Our thanks to Anthony Bebbington, Lynn Bennett, Michael Cernea, Paul Clements, Shelton Davis, Kreszentia Duer, Katrinka Ebbe, David Ellerman, Scott Guggenheim, Robert Klitgaard, Alexandre Marc, Stephen Marglin, Deepa Narayan, Ron Parker, Frank Penna, Nicholas Sambanis, Amartya Sen, Marco Verweij, Michael Walton, and Anna Wetterberg for comments on earlier drafts of this paper. -
Masahiko Aoki
Masahiko Aoki (Henri and Tomoye Takahashi Professor Emeritus of Japanese Studies, Economics Department, and Senior Fellow, Stanford Institute of Economic Policy Research and Freeman Spogli Institute for International Studies, Stanford University, Director of the Virtual Center for Advanced Studies in Institution, Tokyo Foundation). Remarks on “Liberté, Egalité and Fraternité” by Professor Kornai at the conference in honor of Professor Wu Jinglian In honor of the 80 th birthday of Professor Wu, Professor Janos Kornai aptly takes up the fundamental social values of “Liberté, Egalité and Fraternité”, the revolutionary motto of the French revolution, as the theme of his contribution. He examines the achievement of these values in the Eastern European countries after twenty years of the Fall of the Berlin Wall and offers his insight on this as a possible reference frame for China’s reform. I say he does so “aptly”, because Professor Wu, in his paper, China’s Economy: Sixty Years of Progress, authoritatively and insightfully traces the progress with respect to these societal values associated with the complex path of economic development of China, while passionately warning against possible regress that might be brought about by giving-up further reform. Doubtlessly, these two giants from the former planned economies, the West and the East, agree on the importance and relevance of those universal values to economic and societal transformation and development, while they are aware of many obstacles and challenges to realize them in the concrete context of each economy. While Professor Kornai notes remarkable achievements in Eastern European economies as regards Liberté, he points out that there seems to exist no simple political consensus about how to achieve the norm of Egalité and Fraternité. -
Introduction Masahiko Aoki
Introduction Masahiko Aoki This volume is a collection of 22 articles that I have written for professional journals and edited volumes in the past 45 years. Naturally there are variations in theme, focus, approach and style among these writings. The articles are therefore organized into four parts according to basic themes. Part I: Comparative Mechanism Design includes eight chapters dealing with economic and organizational processes as computation/information systems. Four chapters in section A deal with the design of resource allocation processes for non-neoclassical environments (that is, non-convexity, externalities) in the ‘price versus quantity’ framework and four chapters in section B analytically compare properties of vertical, horizontal and modular coordination mechanisms in organizations. Part II: The Diversity of Corporate Governance: A Cooperative Game Approach consists of four chapters that analyze the nature of corporate governance as multiple, equilibrium responses to varied information systems of the corporate firm as discussed in Part I, section B. In this approach, the universal validity of the orthodox shareholders’ sovereignty view of corporate governance is challenged. It does not hold as equilibrium for emergent information systems in which the rights of controlling physical assets needs to be complemented by cognitive assets of employees. Part III: Analysis of the Endogenous Nature of Institutions includes five chapters that provide a conceptual framework for understanding institutions as endogenous outcomes of the societal process in which individual beliefs and strategic actions are mediated by public representations of common knowledge. They provide a game-theoretic foundation for important notions in institutional studies such as institutional complementarities, enforcement, social embeddedness, customs, and path-dependence. -
Masahiko Aoki
Masahiko Aoki Henri and Tomoye Takahashi Professor of Japanese Studies, Department of Economics; Sr. Fellow, Stanford Institute of Economic Policy Research (SIEPR), Stanford University President and Chief Research Officer (CRO), Research Institute of International Trade and Industry (RIETI), Government of Japan Ph.D. University of Minnesota (1967); A.B. and M.A., University of Tokyo (1962, 1964) Born in 1938 in Japan; Assistant professor (1968-71) and Fulbright Visiting Professor (1979-80) at Harvard University; Associate and Full Professor (1969-77, 1977-92) at Kyoto University. Teaching at Stanford University since 1984. Research Interests Comparative institutional analysis, corporate governance, the theory of the firm, the Japanese economy. Representative Books The Co-operative Game Theory of the Firm, Oxford University Press, 1984. Information, Incentives, and Bargaining in the Japanese Economy, Cambridge University Press, 1988. Translated into French, Spanish, Italian, Chinese, Japanese and Russian. Information, Corporate Governance and Institutional Diversity, Toyo Keizai Shinposya, 1995, and Oxford university Press (2000) Towards a Comparative Institutional Analysis, MIT Press, 2001. Translated into Japanese, Chinese and French Representative Edited Books The Japanese Firm: Its Sources of Competitiveness, (co-authored with Ronald Dore), Oxford University Press, 1994. The Japanese Main Bank System and its Relevancy for Developing and Transforming Economies, (co-edited with Hugh Patrick), Oxford University Press, 1994. Corporate Governance in Transitional Economies: Insider Control and Roles of Banks, World Bank, 1994. The Role of Government in East Asian Economic Development: Comparative Institutional Analysis (co-edited with Hyung-ki Kim and Masahiro Okuno-Fujiwara), Oxford University Press, 1997. Communities and Markets in Economic Development (co-edited with Yujiro Hayami), Oxford University, 2000. -
A Modern Reader in Institutional and Evolutionary Economics : Key Concepts / Edited by Geoffrey M
A Modern Reader in Institutional and Evolutionary Economics EUROPEAN ASSOCIATION FOR EVOLUTIONARY POLITICAL ECONOMY Series Editor: Geoffrey M. Hodgson, University of Hertfordshire Business School, UK Mixed Economies in Europe: An Evolutionary Perspective on their Emergence, Transition and Regulation Edited by Wolfgang Blaas and John Foster The Political Economy of Diversity: Evolutionary Perspectives on Economic Order and Disorder Edited by Robert Delorme and Kurt Dopfer On Economic Institutions: Theory and Applications Edited by John Groenewegen, Christos Pitelis and Sven-Erik Sjöstrand Rethinking Economics: Markets, Technology and Economic Evolution Edited by Geoffrey M. Hodgson and Ernesto Screpanti Environment, Technology and Economic Growth: The Challenge to Sustainable Development Edited by Andrew Tylecote and Jan van der Straaten Institutions and Economic Change: New Perspectives on Markets, Firms and Technology Edited by Klaus Nielsen and Björn Johnson Pluralism in Economics: New Perspectives in History and Methodology Edited by Andrea Salanti and Ernesto Screpanti Beyond Market and Hierarchy: Interactive Governance and Social Complexity Edited by Ash Amin and Jerzy Hausner Employment, Technology and Economic Needs: Theory, Evidence and Public Policy Edited by Jonathan Michie and Angelo Reati Institutions and the Evolution of Capitalism: Implications of Evolutionary Economics Edited by John Groenewegen and Jack Vromen Is Economics an Evolutionary Science? The Legacy of Thorstein Veblen Edited by Francisco Louçã and Mark Perlman Technology and Knowledge: From the Firm to Innovation Systems Edited by Pier Paolo Saviotti and Bart Nooteboom Evolution and Path Dependence in Economic Ideas: Past and Present Edited by Pierre Garrouste and Stavros Ioannides A Modern Reader in Institutional and Evolutionary Economics: Key Concepts Edited by Geoffrey M. -
Where Do Transactions Come From? a Network Design Perspective on the Theory of the Firm
06-051 Where Do Transactions Come From? A Network Design Perspective on the Theory of the Firm Carliss Y. Baldwin* Kim B. Clark† Copyright © 2006 Carliss Y. Baldwin and Kim B. Clark Working papers are in draft form. This working paper is distributed for purposes of comment and discussion only. It may not be reproduced without permission of the copyright holder. Copies of working papers are available from the author. Where Do Transactions Come From? A Network Design Perspective on the Theory of the Firm Carliss Y. Baldwin* Kim B. Clark† May 11, 2006 A very early version of this paper was presented at the Saint-Gobain Centre for Economic Research 5th Conference, Paris, FR, November 7-8, 2002. We thank Richard Langlois, Michael Jacobides, Jason Woodard, Masahiko Aoki, Ben Bensaou, Amar Bhide, Robert Boyer, Takahiro Fujimoto, Robert Gibbons, Nobuo Ikeda, Datta Kulkarni, Luigi Marengo, Sharon Novak, Mari Sako, David Scharfstein, David Sharman, Robert Solow, Robin Stevenson, and Daniel Whitney, as well as seminar participants at the MIT Design Structure Matrix Workshop, the NBER Conference on Organizational Economics, the London Business School Modularity Miniconference, Southern Methodist University, Columbia Law School, and the MIT Industrial Performance Center for thoughtful comments on previous drafts. We alone are responsible for errors, oversights and faulty reasoning. *Harvard Business School †Brigham Young University, Idaho WHERE DO TRANSACTIONS COME FROM? MAY 11, 2006 Direct correspondence to: Carliss Y. Baldwin [email protected] Copyright © Carliss Y. Baldwin and Kim B. Clark, 2006 2 WHERE DO TRANSACTIONS COME FROM? MAY 11, 2006 Where Do Transactions Come From? A Network Design Perspective on the Theory of the Firm Carliss Y. -
Social Capital and Community Governance Samuel Bowles And
Social Capital and Community Governance∗ Samuel Bowles and Herbert Gintis University of Massachusetts and Santa Fe Institute Amherst, Massachusetts, 01003 November 21, 2001 Abstract Social capital generally refers to trust, concern for ones associates, a will- ingness to live by the norms of one’s community and to punish those who do not. While essential to good governance, these behaviors and disposi- tions appear to conflict with the fundamental behavioral assumptions of eco- nomics whose archetypal individual—Homo economicus—is entirely self- regarding. By community governance we mean the structure of small group social interactions—distinct from markets and states—that, along with these more familiar forms of governance, jointly determine economic and social out- comes. We suggest that (i) community governance addresses some common market and state failures but typically relies on insider-outsider distinctions that may be morally repugnant; (ii) the individual motivations supporting com- munity governance are not captured by either the conventional self-interested preferences of Homo economicus or by unconditional altruism towards one’s fellow community members; (iii) well-designed institutions make commu- nities, markets and states complements, not substitutes; (iv) with poorly de- signed institutions, markets and states can crowd out community governance; (v) some distributions of property rights are better than others at fostering community governance and assuring complementarity among communities, states and markets; and (vi) far from representing holdovers from a premod- ern era, the small scale local interactions that characterize communities are likely to increase in importance as the economic problems that community governance handles relatively well become more important. ∗ For a symposium to appear in the Economic Journal, along with companion papers by Steven Durlauf, Ernst Fehr, Edward Glaeser, David Laibson, and Bruce Sacerdote. -
Chapter 5 the Golden Age of Capitalism
The Golden Age of Capitalism Luiz Carlos Bresser-Pereira Chapter of the book being written, Rentiers’ Capitalism. March 2020. In the nineteenth century Western Europe and the United States experienced a remarkable economic and cultural progress but was tarnished by the domestic exploitation of the workers and by the reduction of the peoples of Asia and Africa to the condition of colonies. This was also a period of peace among the major potencies under the leadership of Britain, which had begun with its victory over the France of Napoleon. A period that end tragically with the irrational 1914-18 First World War, whose main cause was the resentment of Germany and Italy. The internal division of these two countries retarded their industrial revolution and lost the opportunity of building a colonial empire as The UK and France had been able to build. This war divided and fragilized Europe, opener room for the socialist 1917 Russian Revolution. and marked the transition of the dominant country from The UK to the United States. The post- war 1920s were euphoric years in the US, but, not surprisingly, ended up with the 1929 crash of the New York Stock Exchange and the 1930s’ Great Depression. Followed a huge fall in GDP, mass unemployment, the discredit of the gold standard and of economic liberalism. The time was, now, for fascism in Italy and Germany, for Stalinism in the Soviet Union, which falsified the Democratic Revolution of the turn of the twentieth century, but was also the time for the New Deal in the United States, which showed that capitalism could be made democratic despite the power of capital and or organization – that a compromise was possible between capitalists, technobureaucrats and the workers. -
Employee Representation and Corporate Governance: a Missing Link
EMPLOYEE REPRESENTATION AND CORPORATE GOVERNANCE: A MISSING LINK Sanford M. Jacobyt The publication of Freeman and Rogers' What Workers Want' is a major contribution to the debate over employee representation in America. The authors have answered the basic question of what workers and manag- ers want. Now we must reconsider how public policy can be designed to help these preferences be realized. Although Freeman and Rogers have on other occasions contributed ideas for closing the representation gap,2 the present study maintains a curious silence on solutions. Most of the recent policy proposals on employee representation at- tempt to tweak the National Labor Relations Act to permit greater experi- mentation with nonunion employee participation plans. For example, the so-called Dunlop Commission of the mid-1990s outlined the following four principal policy options, all of which focused on labor law: (1) to retain the law in its present form; (2) to revise section 8(a)(2) to permit employers to create employee involvement plans and even company unions, so long as they do not bargain collectively with the employer (the approach contained in the so-called TEAM Act); (3) to modify the TEAM approach to permit employers to establish employee involvement plans but require that they meet certain standards for employee selection, access to information, and protection against reprisals; and (4) to legally require the establishment of employee participation committees,3 as in the plan put forth in 1990 by Professor Paul Weiler to require every company above a certain size to es- tablish elected committees to address the firm's human resource policies t Professor of Management, Policy Studies and History, UCLA; A.B.