Beyond Market: Institutions of Governance in the Complex World (Nobel Memorial Prize in Economics 2009 - Oliver Williamson and Elinor Ostrom)

2010 ◽  
pp. 82-98 ◽  
Author(s):  
Ya. Kuzminov ◽  
M. Yudkevich
Keyword(s):  
Economic Theory ◽  
Behavioral Economics ◽  
Nobel Prize ◽  
Organization Theory ◽  
Development Studies ◽  
Complex World ◽  
Market Institutions ◽  
Institutional Economic

The article surveys the main lines of research conducted by Oliver Williamson and Elinor Ostrom - 2009 Nobel Prize winners in economics. Williamsons and Ostroms contribution to understanding the nature of institutions and choice over institutional options are discussed. The role their work played in evolution of modern institutional economic theory is analyzed in detail, as well as interconnections between Williamsons and Ostroms ideas and the most recent research developments in organization theory, behavioral economics and development studies.

Jean Tirole: The political economy of corporate finance (On the book by J. Tirole “The theory of corporate finance”)

2017 ◽  
pp. 128-141
Author(s):  
N. Ranneva
Keyword(s):  
Economic Theory ◽  
Political Economy ◽  
Graduate Students ◽  
Corporate Finance ◽  
Critical Review ◽  
The Political ◽  
Institutional Economic ◽  
New Type ◽  
Finance Theory ◽  
Empirical Material

The present article undertakes a critical review of the new book of Jean Tirole, the winner of the 2014 Nobel Prize in Economics, “The theory of cor- porate finance”, which has recently been published in Russian. The book makes a real contribution to the profession by summarizing the whole field of corporate finance and bringing together a big body of research developed over the last thirty years. By simplifying modeling, using unified analytical apparatus, undertaking reinterpretation of many previously received results, and structuring the material in original way Tirole achieves a necessary unity and simplicity in exposition of extremely heterogeneous theoretical and empirical material. The book integrates the new institutional economic theory into classical corporate finance theory and by doing so contributes to making a new type of textbook, which is quite on time and is likely to become essential reading for all graduate students in corporate finance and microeconomics and for everyone interested in these disciplines.

Bulgaria’s Economy 1989–2019

2020 ◽  
Vol 44 (2) ◽  
pp. 260-282
Author(s):  
Georgy Ganev
Keyword(s):  
Economic Theory ◽  
The State ◽  
Institutional Changes ◽  
Institutional Economic ◽  
State Of The Economy ◽  
Degree Of Convergence

Based on an analytical narrative, and utilizing macroeconomic and new institutional economic theory, this exposition studies the Bulgarian economy during the decades after 1989. The three decades are placed in the context of the century-and-a-half-long Bulgarian development and convergence dynamic. They are then presented in terms of clearly defined sub-periods, and each sub-period is analyzed in detail. The analysis for each period focuses on three sets of issues: macroeconomic developments, microeconomic developments, and institutional changes. The exposition ends by applying the insights from the analysis to the question of whether the state of the economy in Bulgaria as of 2019 gives grounds for pessimism (Bulgaria will continue the cycles of unsuccessful convergence) or for optimism (Bulgaria will achieve an unprecedented degree of convergence in the coming decades). The answer is that at present both expectations can be supported by sets of serious arguments.

Models into Policy: Assar Lindbeck and Swedish Social Democracy

2019 ◽  
pp. 174-197
Author(s):  
Avner Offer ◽  
Gabriel Söderberg
Keyword(s):  
Economic Theory ◽  
Central Bank ◽  
Economic Crisis ◽  
Nobel Prize ◽  
Social Democracy ◽  
The Public ◽  
Sharp Focus ◽  
Public Money ◽  
Market Liberalism

This chapter looks at how Swedish Social Democracy was eventually challenged by the doctrines honoured by the prize it had created. Economists first took their place among the Nobel Prize winners in 1969, at the height of the golden age of Social Democracy in Sweden. The prize was paid by the central bank out of public money. However, a chronic economic crisis in the 1970s drove voters away from Social Democracy and towards a market liberalism which finally prevailed (for a while) in the 1990s. The focus here is on the role of economic theory. For this purpose, the travails of Social Democracy are followed as they affected the public trajectory of Assar Lindbeck (b. 1930), ‘the key figure in Swedish economics’. The discipline of economics in Sweden mostly spoke with one voice in this period, so this method provides for a sharp focus and fewer words.

From Relevant to in Demand?

2018 ◽  
Vol 2018 (3) ◽  
pp. 3-22
Author(s):  
Andrey Shastitko
Keyword(s):  
Economic Theory ◽  
Economic History ◽  
Capital Accumulation ◽  
Karl Marx ◽  
Subsequent Development ◽  
Fundamental Question ◽  
Economic Research ◽  
Institutional Economic ◽  
Production Relations ◽  
Key Aspects

The article offers a survey of some of the ideas of Karl Marx in the context of the subsequent development of the new institutional economic theory in the 20th - early 21st centuries. It discusses various aspects of the unity of the historical and the logical in Marx’s Capital in the light of various ways of combining the historical and the theoretical in economic research, including a new economic history. The article considers the issues of the linkages between the problems of import and transplantation of institutes and the export of production relations, as well as the interaction of institutes and technologies, but in the context of the contradiction between productive forces and production relations, and possible parallels between the initial ideas of transaction costs and costs of circulation in the second volume of Marx’s Capital. It discusses the fundamental question of the absolute law of capital accumulation in the context of two key aspects of institutes - coordination and distribution.

scholarly journals Development of organisation and planning in animal breeding: I. A review on breeding organisation

2012 ◽  
Vol 55 (4) ◽  
pp. 402-414
Author(s):  
P. Herold ◽  
R. Rößler ◽  
A. Valle Zárate ◽  
H. Momm
Keyword(s):  
Economic Theory ◽  
Animal Breeding ◽  
Optimum Combination ◽  
Institutional Economic ◽  
Animal Genetic Resources ◽  
Investigation Methods ◽  
Private And Public ◽  
Important Challenge ◽  
Organisational Structures ◽  
Intrinsic Component

Abstract. Organisation is an important factor in animal breeding. The present study gives first approaches for the use of new institutional economic theory as a tool for investigation of organisational structures in animal breeding. First, the concept of breeding organisation is defined. On the basis of two examples – increase of the competitiveness of breeders’ associations and conservation of animal genetic resources – it is shown how organisation theory and appropriate investigation methods can be used to develop different possible solutions. The study shows that organisation not just happens but is an intrinsic component of the system »animal breeding«. This component combines interests of the private and public sector. Organisation research helps to discover optimum combination of these interests. A following study deals with breeding planning as an important challenge in animal breeding with regard to the development of breeding organisation.

The Nobel Factor

2019 ◽  
Author(s):  
Avner Offer ◽  
Gabriel Söderberg
Keyword(s):  
Economic Theory ◽  
Central Bank ◽  
Nobel Prize ◽  
Real World ◽  
Free Market ◽  
Social Democracy ◽  
The Real ◽  
Deregulated Markets ◽  
Developed World ◽  
Market Liberalism

Our confidence in markets comes from economics, and our confidence in economics is underpinned by the Nobel Prize in Economics, which was first awarded in 1969. Was it a coincidence that the prize and the rise of free-market liberalism began at the same time? This is the first book to describe the origins and power of the most important prize in economics. It tells how the prize, created by the Swedish central bank, emerged from a conflict between central bank orthodoxy and Sweden's social democracy. The aim was to use the halo of the Nobel brand to influence the future of Sweden and the rest of the developed world by enhancing the bank's authority and the prestige of market-friendly economics. And the strategy has worked spectacularly — with sometimes disastrous results for societies striving to cope with the requirements of economic theory and deregulated markets. Drawing on previously untapped archives and providing a unique analysis of the sway of prizewinners, the book offers an unprecedented account of the real-world consequences of economics and its greatest prize.

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