scholarly journals Crowdfunding – the Interplay between Evolving Organization and Embedding Institutions

2018 ◽  
Vol 0 (0) ◽  
Author(s):  
Maria Lissowska
Keyword(s):  
Institutional Economics ◽  
External Regulation ◽  
Recent Developments ◽  
Spontaneous Evolution ◽  
Price Strategies ◽  
Automatic Decisions

Abstract This paper explains the functioning of economic crowdfunding (equity- and loan-based). One of the angles from which crowdfunding can be analysed is institutional economics. Namely, it can be studied as a case where the spontaneous evolution of contractual forms is difficult and the need for legislative intervention arises. The paper explains the divergence of interests and risks of three groups of agents involved (platforms, fundraisers and funders). The radical asymmetry of power, to the advantage of the platform, is inherent in this type of business. The spontaneous development of strategies by the platforms (pricing and some non-price strategies relating to fundraisers) and recent developments in the direction of automatic decisions taken by the platform instead of funders, promotes the development of the crowdfunding business, but it does not ensure protection from risk of other parties. Still, the major source of risk for funders and partly also for fundraisers is the absence of liability of the platforms themselves. In these conditions, the spontaneous move towards the better alignment of the interests of parties seems unfeasible and external regulation is necessary.

The Fanciful World of Clio

2011 ◽  
Author(s):  
Francesco Boldizzoni
Keyword(s):  
Economic History ◽  
Path Dependence ◽  
Multiple Equilibria ◽  
Institutional Economics ◽  
Rational Choice Theory ◽  
Choice Theory ◽  
New Institutional Economics ◽  
Western Society ◽  
Recent Developments ◽  
Contemporary Western Society

Cliometrics has evolved into a literary genre having little to do with numbers in the sense of econometric testing, though a lot to do with the deductive stance of the new institutional economics and of rational choice theory. At times these two approaches, which are not completely compatible, coexist even in the same author's work, giving rise to a sort of analytic schizophrenia. This chapter analyzes the recent developments in economic history. From the standpoint of methodology, it shows the confusion between history and path dependence or presence of “multiple equilibria” in a predetermined deductive schema. It argues that underlying these trends is an ideological slant, whether conscious or unconscious, aimed at exalting values such as individualism and materialism, which are typical of certain segments of contemporary Western society, and at projecting them unduly onto the past.

Transactions and Organizational Forms: A Re-analysis

1985 ◽  
Vol 6 (2) ◽  
pp. 97-115 ◽  
Author(s):  
Huseyin Leblebici
Keyword(s):  
Organization Theory ◽  
Institutional Economics ◽  
Organizational Forms ◽  
Conceptual Scheme ◽  
Recent Developments

This paper is an attempt to extend and amplify the concept of transaction and its relation to alternative organizational forms. Based on the institutional economics tradition of Commons (1924), the economics of internal organizations (Williamson 1975), and recent developments in organization theory (Ouchi 1980), it proposes a conceptual scheme to explain what distinguishes organizational forms and the transformation of these forms under the condition of future uncertainty. The implications of this framework for organization theory and design are also discussed.

The ‘Old’ and the ‘New’ of New Institutional Economics

2018 ◽  
Author(s):  
Hazel Gray
Keyword(s):  
Institutional Economics ◽  
Economic Change ◽  
High Growth ◽  
Political Reform ◽  
Economic Transformation ◽  
New Institutional Economics ◽  
Political Order ◽  
Institutional Economic ◽  
Recent Developments ◽  
Douglass North

This chapter evaluates new institutional economic theory and its approach to explaining economic transformation and political order. It explains the key assumptions of the ‘old’ New Institutional Economics, associated with the work of Douglass North prior to 2009. It then sets out the more recent developments within New Institutional Economics that engages more explicitly with power, in the work of Acemoglu, Robinson and North et al. The chapter evaluates the extent to which these theories can help explain Tanzania and Vietnam’s experiences of political reform and economic change over the era of high growth. The chapter argues that while the ‘new’-New Institutional Economics of development correctly identifies the importance of power in explaining economic transformation, these theories remained tied to a number of restrictive neoclassical assumptions that limits the extent to which they can illuminate processes of contemporary economic change.

Embedding organizational arrangements: towards a general model

2014 ◽  
Vol 10 (4) ◽  
pp. 567-589 ◽  
Author(s):  
CLAUDE MÉNARD
Keyword(s):  
Black Holes ◽  
Transaction Cost ◽  
Institutional Economics ◽  
Transaction Cost Economics ◽  
Institutional Environment ◽  
Hard Core ◽  
New Institutional Economics ◽  
Ongoing Research ◽  
Look Ahead ◽  
Recent Developments

AbstractNotwithstanding its major contributions, the ‘Williamsonian’ branch of New Institutional Economics suffers from black holes that recent developments have pinpointed. Rather than taking stock, this paper capitalizes on some of these developments to look ahead. Section 2 provides a reminder of the hard core of transaction cost economics (TCE) with an emphasis on problems that TCE has allowed to identify, particularly the richness of organizational arrangements, an issue that needs further investigation. Section 3 discusses how to better understand the embedment of organizational arrangements in their institutional environment. The concept of ‘meso-institutions’ is introduced as a mean to capture mechanisms providing the needed interface. Section 4 considers another neglected dimension that requires renewed attention: the interactions of organizational arrangements with technologies that partially define their setting. This paper proposes a roadmap to explore this issue, based on an ongoing research developed around the key concept of ‘criticality’. Section 5 concludes.

scholarly journals Institutions and Individuals: Interaction and Evolution

2008 ◽  
pp. 45-60
Author(s):  
G. Hodgson
Keyword(s):  
Social Theory ◽  
Analytical Approach ◽  
Institutional Economics ◽  
Evolutionary Economics ◽  
Downward Causation ◽  
Structure And Agency ◽  
The Social ◽  
Organization Science ◽  
Recent Developments ◽  
Pragmatist Philosophy

The author claims that the conceptualization of the relation between individual and structure is central to social science. This paper overviews some recent developments in the social theory of structure and agency, and makes a novel addition, based on a concept of habit derived from pragmatist philosophy and sociology and from Veblenian institutional economics. The author shows how processes of habituation provide a mechanism of ‘reconstitutive downward causation’ where institutional circumstances may affect individual preferences. Finally, special characteristics of organizations are discussed, endorsing an evolutionary analytical approach that combines insights from both evolutionary economics and organization science.

scholarly journals Institutions and Individuals: Interaction and Evolution

2007 ◽  
Vol 28 (1) ◽  
pp. 95-116 ◽  
Author(s):  
Geoffrey M. Hodgson
Keyword(s):  
Social Theory ◽  
Analytical Approach ◽  
Institutional Economics ◽  
Evolutionary Economics ◽  
Downward Causation ◽  
Individual Preferences ◽  
Structure And Agency ◽  
The Social ◽  
Organization Science ◽  
Recent Developments

The conceptualization of the relation between individual and structure is central to social science. After making some key definitions, this paper overviews some recent developments in the social theory of structure and agency, and makes a novel addition, based on a concept of habit derived from pragmatism and Veblenian institutional economics. Processes of habituation provide a mechanism of ‘reconstitutive downward causation’ where institutional circumstances may affect individual preferences. Finally, special characteristics of organizations are discussed, endorsing an evolutionary analytical approach that combines insights from both evolutionary economics and organization science.

Trends in Electron Energy Loss Spectroscopy

1977 ◽  
Vol 35 ◽  
pp. 228-229
Author(s):  
C. Colliex ◽  
P. Trebbia
Keyword(s):  
Energy Loss ◽  
Electron Energy ◽  
Electron Energy Loss Spectroscopy ◽  
Materials Science ◽  
Analytical Technique ◽  
Recent Developments ◽  
Quantitative Results ◽  
Electron Microscopes ◽  
Electron Energy Loss ◽  
Primary Electrons

The physical foundations for the use of electron energy loss spectroscopy towards analytical purposes, seem now rather well established and have been extensively discussed through recent publications. In this brief review we intend only to mention most recent developments in this field, which became available to our knowledge. We derive also some lines of discussion to define more clearly the limits of this analytical technique in materials science problems.The spectral information carried in both low ( 0<ΔE<100eV ) and high ( >100eV ) energy regions of the loss spectrum, is capable to provide quantitative results. Spectrometers have therefore been designed to work with all kinds of electron microscopes and to cover large energy ranges for the detection of inelastically scattered electrons (for instance the L-edge of molybdenum at 2500eV has been measured by van Zuylen with primary electrons of 80 kV). It is rather easy to fix a post-specimen magnetic optics on a STEM, but Crewe has recently underlined that great care should be devoted to optimize the collecting power and the energy resolution of the whole system.

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