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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. -
“Original Institutional Economics” in the Post-World War II Period and the Perspectives of Today,’ Economic Thought, 7.1, Pp
Economic Thought 7.1: 63-86, 2018 The Decline of the ‘Original Institutional Economics’ in the Post-World War II Period and the Perspectives of Today1 Arturo Hermann, Italian National Institute of Statistics, Rome, Italy [email protected] Abstract Original, or ‘old’, institutional economics (OIE) – also known as ‘institutionalism’ – played a key role in its early stages; it could be said that it was once the ‘mainstream economics’ of the time. This period ran approximately from the first important contributions of Thorstein Veblen in 1898 to the implementation of the New Deal in the early 1930s, where many institutionalists played a significant role. However, notwithstanding its promising scientific and institutional affirmation, institutional economics underwent a period of marked decline that spanned from the mid-1930s to the late 1980s, when a new season for institutional economics was set in motion. In order to cast some light on this complex issue – without any claim of completeness – we have organised the work as follows: in the first section we consider the main interpretations of this phenomenon. In the subsequent sections we analyse a number of ‘endogenous’ aspects which might have played a significant role in the period of decline: (i) the relations of institutional economics with Keynes’s macroeconomic theory; (ii) the links between theoretical and empirical analysis and the supposed lack of a clear theory; (iii) the interdisciplinary orientation. Keywords: Original institutional economics, social valuation, political economy, interdisciplinarity JEL Codes: B25, B41, B52, E61 1. The Decline of Institutionalism and the Main Existing Interpretations The Ascendance and Decline of Institutionalism Institutional economics originated in the United States in the first decades of the 20th century. -
New Institutional Economics: a State-Of-The-Art Review for Economic Sociologists by Rinat Menyashev, Timur Natkhov, Leonid Polishchuk, and Georgiy Syunyaev 12
A Service of Leibniz-Informationszentrum econstor Wirtschaft Leibniz Information Centre Make Your Publications Visible. zbw for Economics Max Planck Institute for the Study of Societies (Cologne) (Ed.) Periodical Part economic sociology_the european electronic newsletter, Volume 13, Number 1-3 economic sociology_the european electronic newsletter Provided in Cooperation with: Max Planck Institute for the Study of Societies (MPIfG), Cologne Suggested Citation: Max Planck Institute for the Study of Societies (Cologne) (Ed.) (2011) : economic sociology_the european electronic newsletter, Volume 13, Number 1-3, economic sociology_the european electronic newsletter, ISSN 1871-3351, Max Planck Institute for the Study of Societies (MPIfG), Cologne, Vol. 13, Iss. 1-3 This Version is available at: http://hdl.handle.net/10419/155978 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 Commons Licences), you genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated licence. -
Modeling Homo Socialis: a Reply to Critics Herbert Gintis Santa Fe Institute, USA
Review of Behavioral Economics, 2015, 2: 211–237 Modeling Homo Socialis: A Reply to Critics Herbert Gintis Santa Fe Institute, USA ABSTRACT The comments on Dirk Helbing and my paper “Homo Socialis: An Analytical Core for Sociological Theory” have provided many insightful suggestions. Several, such as Siegwart Lindenberg’s (2015) proposal to include flexible activation to the core and David Wolpert’s (2015) persona model, I take to be interesting comple- ments to our suggestions. Others, such as Michael Macy’s (2015), include admirable interpretations of our argument. I will here address a subset of issues where commentators have questioned some aspects of our proposal. I thank the commentators for helping me think more carefully about some key issues. 1 The Rational Actor Model The rational actor model treats individuals as having a preference function over payoffs, having access to various actions that affect the probability distribution over these payoffs, and having beliefs concerning the relationship between actions and payoffs. Following Savage (1954), we defined a rational actor as one who exhibits consistent choices (transitivity), whose preference for action A over action B does not depend on other available choices (independence from irrelevant alternatives), and who does not engage in “wishful thinking” (the probabilities assigned to various actions do not depend on the preferences over the payoffs). We observed that a rational actor can be modeled as maximizing a preference function over the set of available choices. We stressed that preferences, payoffs, and beliefs can all be time-, state-, and social-context dependent, and we showed how to treat cases where the stochastic nature of imperfectly measured state variables may lead an individual to make distinct choices under what appear to be identical circumstances, following the constructions of Luce and Suppes (1965) and McFadden (1973). -
Evolutionary Economics - Geoffrey M
FUNDAMENTAL ECONOMICS - Evolutionary Economics - Geoffrey M. Hodgson EVOLUTIONARY ECONOMICS Geoffrey M. Hodgson University of Hertfordshire Business School, Hatfield, Hertfordshire Al10 0ab, UK Keywords: Evolution, Economics, Novelty, Innovation, Darwinism, Variation, Selection, Replication, Game Theory. Contents 1. Introduction 2. The Emergence of Evolutionary Economics 3. First Principles and Shared Concerns 4. Different Evolutionary Approaches 5. The Search for General Evolutionary Principles 6. Evolutionary and Mainstream Economics Compared 7. Evolutionary Economics and Evolutionary Game Theory 8. Conclusion: Prospects for Evolutionary Economics Acknowledgements Glossary Bibliography References Biographical Sketch Summary Historically, a number of approaches in economics, including works by Adam Smith, Karl Marx, Carl Menger, Alfred Marshall, Thorstein Veblen, Joseph Schumpeter, and Friedrich Hayek, have been described as ‘evolutionary’. This is legitimate, because ‘evolutionary’ is a very broad word, loosely denoting concern with transformation, innovation and development. But today the term ‘evolutionary economics’ is more typically associated with a new wave of theorizing signaled by the seminal work of Richard Nelson and Sidney Winter in their Evolutionary Theory of Economic Change (1982). Although there is not yet any consensus on core principles, this wave of evolutionary thinking has given rise to a number of policy developments and has proved to be influentialUNESCO in a number of sub-disciplines, – inEOLSS business schools and in institutions concerned with science and innovation policy. Citation and other bibliometric studies show that despite its internal diversity, modern evolutionary economics has created a global network of identifiable interacting researchers. As well as discussing these background issues,SAMPLE this essay turns to theore CHAPTERStical principles and outlines some of the shared common assumptions of this broad approach. -
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. -
Hodgson Pour
Revue de la régulation Capitalisme, Institutions, Pouvoirs , n°2, 2008 Fostering Variety in Economics. Entretien avec Geoffrey Hodgson Agnès Labrousse, Julien Vercueil RR. : Although they are not new in economics, evolutionary and institutional approaches have attracted a growing interest since the 1980s. How do you explain that? Geoffrey Hodgson : When I started working on institutional and evolutionary ideas in the early 1980s, I felt almost a lone voice among economists. Now the situation is very different. There are several reasons for the rise in interest in institutional and evolutionary ideas. Until the 1970s, much of the challenge to mainstream ideas was in macroeconomics, reflecting the influence of Keynesian and Marxian approaches. With some exceptions, such as the work of Herbert Simon, orthodox micro-theory faced less opposition. To a significant degree, the rise of institutional, evolutionary and behavioural approaches reflects the growing development of alternative theories in the microeconomic arena. These became significant in the 1980s, notably with the work of Richard Nelson, Sidney Winter and Oliver Williamson. By the 1990s, some of these critical movements had had a major impact on mainstream approaches, and others became more prominent among heterodox economists. The new institutionalists Ronald Coase and Douglass North were awarded Nobel Prizes in 1991 and 1993. The various forms of institutional and evolutionary thought tackle important questions concerning institutions and economic development that were relatively neglected from the 1950s to the 1970s. RR. : Could you present the core propositions of your institutional and evolutionary economics? GH. : Both ‘institutional economics’ and ‘evolutionary economics’ are very broad churches. There are as many important differences within both the original and new institutional economics as there are between them. -
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. -
February 11, 2016 Curriculum Vitae Stephen A. Marglin EDUCATION
February 11, 2016 Curriculum Vitae Stephen A. Marglin EDUCATION Ph.D., Harvard University, 1965 Cambridge University, 1959-1960 A.B., Harvard University, 1959 PRINCIPAL ACADEMIC POSITIONS Walter S. Barker Professor of Economics, Harvard University, 1984– Professor of Economics, Harvard University, 1969–1984 Associate Professor of Economics, Harvard University, 1968–69 Assistant Professor of Economics, Harvard University, 1965–68 Assistant Professor of Economics, Massachusetts Institute of Technology, 1964–65 Research Associate (India Project), Center for International Studies, Massachusetts Institute of Technology, New Delhi, India, 1963–65 Junior Fellow of the Society of Fellows, Harvard University, 1960–63 Henry Fellow, Pembroke College, Cambridge University, 1959–60 OTHER ACADEMIC POSITIONS Research Adviser, World Institute for Development Economics Research (United Nations University), Helsinki, 1985-1993 Directeur d'Études Adjoint, École des Hautes Études en Sciences Sociales, Paris, 1982 Visiting Scholar, Concordia University, Montreal, 1978-1984; Visiting Professor, 1974–78 Visiting Professor, University of Massachusetts, Amherst, 1974 Visiting Professor, Indian Statistical Institute, New Delhi, 1967–68 ASSOCIATIONS Econometric Society (Fellow) World Economic Association (Founding Member) World Future Council (2006–2009) BOOKS Dismal Science: How Thinking Like An Economist Undermines Community, Harvard University Press, 2008 Perdiendo el Contacto, Cochabamba and Lima: Cai Pacha and PRATEC, 2000 Growth, Distribution, and Prices,