DOUGLASS C. NORTH and NON-MARXIST INSTITUTIONAL DETERMINISM Joseph R
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The Death of the Firm
Article The Death of the Firm June Carbone† & Nancy Levit†† INTRODUCTION A corporation is simply a form of organization used by human beings to achieve desired ends. An established body of law specifies the rights and obligations of the people (including shareholders, officers, and employees) who are associated with a corporation in one way or another. When rights, whether constitutional or statutory, are ex- tended to corporations, the purpose is to protect the rights of these people.1 In the Supreme Court’s decision in Burwell v. Hobby Lob- by—and more generally in corporate and employment law—the firm as entity is disappearing as a unit of legal analysis. We use the term “firm” in this Article in the sense that Ronald Coase did to describe a form of business organization that or- ders the production of goods and services through use of a sys- tem internal to the enterprise rather than through the use of independent contractors.2 The idea of an “entity” in this sense † Robina Chair in Law, Science and Technology, University of Minneso- ta Law School. †† Curators’ and Edward D. Ellison Professor of Law, University of Mis- souri – Kansas City School of Law. We thank William K. Black, Margaret F. Brinig, Naomi Cahn, Paul Callister, Mary Ann Case, Lynne Dallas, Robert Downs, Max Eichner, Martha Fineman, Barb Glesner Fines, Claire Hill, Brett McDonnell, Amy Monahan, Charles O’Kelley, Hari Osofsky, Irma Russell, Dan Schwarcz, Lynn Stout, and Erik P.M. Vermeulen for their helpful comments on drafts of this Article and Tracy Shoberg and Shiveta Vaid for their research support. -
Introduction Robert Gibbons and John Roberts
Introduction Robert Gibbons and John Roberts Organizational economics involves the use of economic logic and methods to understand the existence, nature, design, and performance of organizations, especially managed ones. As this handbook documents, economists working on organizational issues have now generated a large volume of exciting research, both theoretical and empirical. However, organizational economics is not yet a fully recognized field in economics—for example, it has no JournalofEconomic Literature classification number, and few doctoral programs offer courses in it. The intent of this handbook is to make the existing research in organizational economics more accessible to economists and thereby to promote further research and teaching in the field. The Origins of Organizational Economics As Kenneth Arrow (1974: 33) put it, “organizations are a means of achieving the benefits of collective action in situations where the price system fails,” thus including not only business firms but also consortia, unions, legislatures, agencies, schools, churches, social movements, and beyond. All organizations, Arrow (1974: 26) argued, share “the need for collective action and the allocation of resources through nonmarket methods,” suggesting a range of possible structures and processes for decisionmaking in organizations, including dictatorship, coalitions, committees, and much more. Within Arrow’s broad view of the possible purposes and designs of organizations, many distinguished economists can be seen as having addressed organizational issues -
The Property Right Paradigm Armen A. Alchian; Harold Demsetz The
The Property Right Paradigm Armen A. Alchian; Harold Demsetz The Journal of Economic History, Vol. 33, No. 1, The Tasks of Economic History. (Mar., 1973), pp. 16-27. Stable URL: http://links.jstor.org/sici?sici=0022-0507%28197303%2933%3A1%3C16%3ATPRP%3E2.0.CO%3B2-A The Journal of Economic History is currently published by Economic History Association. Your use of the JSTOR archive indicates your acceptance of JSTOR's Terms and Conditions of Use, available at http://www.jstor.org/about/terms.html. JSTOR's Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at http://www.jstor.org/journals/eha.html. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is an independent not-for-profit organization dedicated to and preserving a digital archive of scholarly journals. For more information regarding JSTOR, please contact [email protected]. http://www.jstor.org Thu Jun 7 08:00:21 2007 The Property Right Paradigm INTRODUCTION CONOMICS textbooks invariably describe the important eco- E nomic choices that all societies must make by the following three questions: What goods are to be produced? How are these goods to be produced? Who is to get what is produced? This way of stating social choice problems is misleading. -
Douglass North's Theory of Institutions: Lessons for Law and Development
Original citation: Faundez, Julio. (2016) Douglass North’s Theory of Institutions : lessons for law and development. Hague Journal on the Rule of Law, 8 (2). pp. 373-419. Permanent WRAP URL: http://wrap.warwick.ac.uk/84086 Copyright and reuse: The Warwick Research Archive Portal (WRAP) makes this work of researchers of the University of Warwick available open access under the following conditions. This article is made available under the Creative Commons Attribution 4.0 International license (CC BY 4.0) and may be reused according to the conditions of the license. For more details see: http://creativecommons.org/licenses/by/4.0/ A note on versions: The version presented in WRAP is the published version, or, version of record, and may be cited as it appears here. For more information, please contact the WRAP Team at: [email protected] warwick.ac.uk/lib-publications Hague J Rule Law (2016) 8:373–419 DOI 10.1007/s40803-016-0028-8 ARTICLE Douglass North’s Theory of Institutions: Lessons for Law and Development Julio Faundez1 Published online: 25 July 2016 Ó The Author(s) 2016. This article is published with open access at Springerlink.com Abstract This paper offers a critical overview and assessment of North’s work on institutions and economic change, focusing on aspects of his work that are of interest to law and development scholars. It examines North’s approach to institu- tions through his historical work focusing on his concept of credible commitment and his interpretation of the effect of the Glorious Revolution on property rights, focusing especially on the role he assigns to property rights in bringing about the Industrial Revolution. -
The Contribution of Douglass North to New Institutional Economics Claude Ménard, Mary M
The Contribution of Douglass North to New Institutional Economics Claude Ménard, Mary M. Shirley To cite this version: Claude Ménard, Mary M. Shirley. The Contribution of Douglass North to New Institutional Economics. Sebastian Galani, Itai Sened. Institutions, Property Rights and Economic Growth: The legacy of Douglass North, Cambridge University Press, pp.11-29, 2014, 9781107041554. 10.1017/CBO9781107300361.003. hal-01315473 HAL Id: hal-01315473 https://hal.archives-ouvertes.fr/hal-01315473 Submitted on 13 May 2016 HAL is a multi-disciplinary open access L’archive ouverte pluridisciplinaire HAL, est archive for the deposit and dissemination of sci- destinée au dépôt et à la diffusion de documents entific research documents, whether they are pub- scientifiques de niveau recherche, publiés ou non, lished or not. The documents may come from émanant des établissements d’enseignement et de teaching and research institutions in France or recherche français ou étrangers, des laboratoires abroad, or from public or private research centers. publics ou privés. THE CONTRIBUTION OF DOUGLASS NORTH TO NEW INSTITUTIONAL ECONOMICS Claude Ménard And Mary M. Shirley Chap. 1, pp. 11-29 In: INSTITUTIONS, PROPERTY RIGHTS, and ECONOMIC GROWTH. The Legacy of Douglass Nortrh. S. Galiani and I. Sened (eds.), Cambridge: Cambridge University Press 2014 2 The Contribution of Douglass North to New Institutional Economics By Claude Ménard and Mary M. Shirley 1 Abstract Douglass North, along with Ronald Coase, Elinor Ostrom, and Oliver Williamson, transformed the early intuitions of new institutional economics into powerful conceptual and analytical tools that spawned a robust base of empirical research. NIE arose in response to questions not well explained by standard neoclassical models, such as make or buy? Or, why rich or poor? Today NIE is a success story by many measures: four Nobel laureates in under 20 years, increasing penetration of mainstream journals, and significant impact on major policy debates from anti-trust law to development aid. -
Nine Lives of Neoliberalism
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) Book — Published Version Nine Lives of Neoliberalism Provided in Cooperation with: WZB Berlin Social Science Center Suggested Citation: Plehwe, Dieter (Ed.); Slobodian, Quinn (Ed.); Mirowski, Philip (Ed.) (2020) : Nine Lives of Neoliberalism, ISBN 978-1-78873-255-0, Verso, London, New York, NY, https://www.versobooks.com/books/3075-nine-lives-of-neoliberalism This Version is available at: http://hdl.handle.net/10419/215796 Standard-Nutzungsbedingungen: Terms of use: Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise use the documents in public. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative -
The Theory of the Firm and the Theory of the International Economic Organization: Toward Comparative Institutional Analysis Joel P
Northwestern Journal of International Law & Business Volume 17 Issue 1 Winter Winter 1997 The Theory of the Firm and the Theory of the International Economic Organization: Toward Comparative Institutional Analysis Joel P. Trachtman Follow this and additional works at: http://scholarlycommons.law.northwestern.edu/njilb Part of the International Trade Commons Recommended Citation Joel P. Trachtman, The Theory of the Firm and the Theory of the International Economic Organization: Toward Comparative Institutional Analysis, 17 Nw. J. Int'l L. & Bus. 470 (1996-1997) This Symposium is brought to you for free and open access by Northwestern University School of Law Scholarly Commons. It has been accepted for inclusion in Northwestern Journal of International Law & Business by an authorized administrator of Northwestern University School of Law Scholarly Commons. The Theory of the Firm and the Theory of the International Economic Organization: Toward Comparative Institutional Analysis Joel P. Trachtman* Without a theory they had nothing to pass on except a mass of descriptive material waiting for a theory, or a fire. 1 While the kind of close comparative institutional analysis which Coase called for in The Nature of the Firm was once completely outside the universe of mainstream econo- mists, and remains still a foreign, if potentially productive enterrise for many, close com- parative analysis of institutions is home turf for law professors. Hierarchical arrangements are being examined by economic theorists studying the or- ganization of firms, but for less cosmic purposes than would be served3 by political and economic organization of the production of international public goods. I. INTRODUCrION: THE PROBLEM Debates regarding the competences and governance of interna- tional economic organizations such as the World Trade Organization * Associate Professor of International Law, The Fletcher School of Law and Diplomacy, Tufts University. -
United States Competition Policy in Crisis: 1890-1955 Herbert Hovenkamp
University of Minnesota Law School Scholarship Repository Minnesota Law Review 2009 United States Competition Policy in Crisis: 1890-1955 Herbert Hovenkamp Follow this and additional works at: https://scholarship.law.umn.edu/mlr Part of the Law Commons Recommended Citation Hovenkamp, Herbert, "United States Competition Policy in Crisis: 1890-1955" (2009). Minnesota Law Review. 483. https://scholarship.law.umn.edu/mlr/483 This Article is brought to you for free and open access by the University of Minnesota Law School. It has been accepted for inclusion in Minnesota Law Review collection by an authorized administrator of the Scholarship Repository. For more information, please contact [email protected]. Article United States Competition Policy in Crisis: 1890-1955 Herbert Hovenkampt INTRODUCTION: HISTORICAL EXPLANATION AND THE MARGINALIST REVOLUTION The history of legal policy toward the economy in the United States has emphasized interest group clashes that led to regula- tory legislation.' This is also true of the history of competition policy. 2 Many historians see regulatory history as little more than a political process in which well-organized, dominant interest groups obtain political advantage and protect their particular in- dustry from competition, typically at the expense of consumers.3 t Ben V. & Dorothy Willie Professor, University of Iowa College of Law. Thanks to Christina Bohannan for commenting on a draft. Copyright 0 2009 by Herbert Hovenkamp. 1. See, e.g., WILLIAM J. NOVAK, THE PEOPLE'S WELFARE: LAW AND REGULA- TION IN NINETEENTH-CENTURY AMERICA 83-84 (1996); THE REGULATED ECONO- MY: A HISTORICAL APPROACH TO POLITICAL ECONOMY 12-22 (Claudia Goldin & Gary D. -
Eli Heckscher,Sweden,Liberalism
Discuss this article at Journaltalk: http://journaltalk.net/articles/5902 ECON JOURNAL WATCH 13(1) January 2016: 75–99 Eli Heckscher’s Ideological Migration Toward Market Liberalism Benny Carlson1 LINK TO ABSTRACT Sweden is a country that is often misunderstood by outsiders, and even by Swedes themselves. From the latter part of the nineteenth century, Sweden’s eco- nomic policies were quite liberal, and for 100 years, say from 1870 to 1970, the economy grew rapidly (see Schön 2011; Bergh 2014). During this period Sweden enjoyed relatively high-quality public debate—a tradition in which Sweden still remains quite exceptional. Leading economists took active part and influenced opinion; they were genuine leaders in public discourse. Five titans stand out: Knut Wicksell, Gustav Cassel, Eli Heckscher, Bertil Ohlin, and Gunnar Myrdal.2 The first three were highly liberal. Ohlin began as liberal, like his mentor Heckscher, but moved to a position of social liberalism, or moderate welfare-statism, and became a leading politician (Berggren 2013). Myrdal represents Sweden’s turn toward social democracy (Carlson 2013). Here I tell of Eli Heckscher (1879–1952), and in particular of his ideological development. For most of his life Heckscher was the most firmly principled eco- nomic liberal Sweden had. He fought against state-socialist tendencies, Keynesian crisis policy, and economic planning, and had only one real rival, Gustav Cassel, 1. Lund University School of Economics and Management, 221 00 Lund, Sweden. I thank MIT Press for their permission to incorporate in this article some material that was previously published in a chapter of Eli Heckscher, International Trade, and Economic History, edited by Ronald Findlay, Rolf G. -
John Kenneth Galbraith
JOHN KENNETH GALBRAITH The Economic Legacy Edited by Stephen P. Dunn Volume I The Large Firm, Keynesianism, Price Control and Economic Development fl Routledge jj^^ Taylor & Francis Croup LONDON AND NEW YORK CONTENTS VOLUME I THE LARGE FIRM, KEYNESIANISM, PRICE CONTROL'AND' ECONOMIC DEVELOPMENT Acknowledgements xix Chronological table of reprinted articles and chapters xxiii General introduction 1 Books by John Kenneth Galbraith 19 Introduction 21 PARTI The emergence of the large firm 29 > 1 The quantitative position of marketing in the United States 31 J. K. GALBRAITH AND J. D. BLACK 2 Monopoly power and price rigidities 47 J. K. GALBRAITH 3 Rational and irrational consumer preference 61 J. K. GALBRAITH 4 Monopoly and the concentration of economic power 68 J. K. GALBRAITH 5 The defense of business: a strategic appraisal 95 JOHN KENNETH GALBRAITH CONTENTS PART 2 Early Keynesianism 107 6 The maintenance of agricultural production during the depression: the explanations reviewed 109 JOHN K. GALBRAITH AND JOHN D. BLACK 7 Fiscal policy and the employment-investment controversy 124 J. K. GALBRAITH 8 Public works policy and unemployment _ 136 J. K. GALBRAITH PART 3 Price control 147 9 Defense financing and inflation potentialities 149 ALVIN H. HANSEN 10 The selection and timing of inflation controls 159 J. K. GALBRAITH 11 Some additional comments on the inflation symposium 165 ALVIN H. HANSEN 12 Price control: some lessons from the first phase 169 J. K. GALBRAITH PART 4 A Theory of Price Control: defence and debate 177 13 Reflections on price control 179 J. K. GALBRAITH 14 The disequilibrium system 191 J. -
The Environmental Optimism of Elinor Ostrom Edited By: Megan E
The Environmental Optimism of Elinor Ostrom Edited by: Megan E. Jenkins, Randy T Simmons, and Camille H. Wardle The Environmental Optimism of Elinor Ostrom Edited by: Megan E. Jenkins, Randy T Simmons, and Camille H. Wardle Copyright © 2020 the Center for Growth and Opportunity at Utah State University All rights reserved Paperback ISBN 978-1-7348561-0-1 eISBN 978-1-7348561-1-8 Cover design and typesetting by Brooke Jacques The Center for Growth and Opportunity at Utah State University 3525 Old Main Hill Logan, UT 84322 www. thecgo.org “As an institutionalist studying empirical phenomena, I presume that individuals try to solve problems as effectively as they can. It is my responsibility as a scientist to ascertain what problem individuals are trying to solve and what factors help or hinder them in these efforts.” –Elinor Ostrom, 2009 Nobel Laureate in Economic Sciences Contents Introduction ................................................................................... vii Megan E. Jenkins and Randy T Simmons Chapter 1 Resource Governance in the American West: Institutions, Information, and Incentives ............................................ 1 Peter J. Hill and Shawn Regan Chapter 2 Self-Governance, Polycentricity, and Environmental Policy................... 31 Jordan K. Lofthouse Chapter 3 Pacific Salmon Fisheries Management: An (Unusual) Example of Polycentric Governance Involving Indigenous Participation at Multiple Scales .......................... 61 Shane Day Chapter 4 Population Growth and the Governance of Complex Institutions: People Are More Than Mouths to Feed ............... 91 Pierre Desrochers and Joanna Szurmak Chapter 5 Contracting and the Commons: Linking the Insights of Gary Libecap and Elinor Ostrom ....................... 149 Eric C. Edwards and Bryan Leonard Chapter 6 The Environmental Benefits of Long-Distance Trade: Insights from the History of By-Product Development ......................... -
Economics Books and Journals from Cambridge University Press
Economics Books and Journals from Cambridge University Press Cambridge’s economics list is renowned for the breadth and quality of its publishing. Our book list is home to the work of some of the most important economists in the history of the discipline, most notably John Maynard Keynes, as well as the work of almost 30 Sveriges Riksbank Nobel Prize laureates, including Kenneth Arrow, Herbert Simon, Robert Solow and Joseph Stiglitz. This is complemented by a cluster of key journals such as Econometric Theory, Journal of Economic History and Journal of Financial and Quantitative Analysis. For further details visit: cambridge.org/core-economics Downloaded from https://www.cambridge.org/core. IP address: 170.106.33.14, on 01 Oct 2021 at 11:22:40, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1744137416000497 The new home of Cambridge Journals cambridge.org/core Journals_A4.indd 2 07/09/2016 12:22 Downloaded from https://www.cambridge.org/core. IP address: 170.106.33.14, on 01 Oct 2021 at 11:22:40, subject to the Cambridge Core terms of use, available at https://www.cambridge.org/core/terms. https://doi.org/10.1017/S1744137416000497 Journal of Institutional Economics Journal of Institutional Economics editors statement of aims submission aims usa, Canada and Mexico); £35.00 (us $58.00) for individuals, which includes print only, Geoffrey M. Hodgson (Editor-in-Chief) Institutions are the stuff of social and institutions and organizations. All manuscripts must be submitted online via “Institutions are the stuff of social and eco- ordering direct from the publishers and Hertfordshire Business School, economic life.