What Did The Study of The Soviet Economy Contribute to Mainstream Economics?

2010 ◽  
pp. 39-55
Author(s):  
M. Ellman
Keyword(s):  
Economic Growth ◽  
Property Rights ◽  
General Equilibrium ◽  
Informal Sector ◽  
Institutional Economics ◽  
Soviet Economy ◽  
General Equilibrium Theory ◽  
Mainstream Economics ◽  
Universal Applicability ◽  
Soviet Experience

This article is an overview of the contribution made by economic Sovietology to mainstream economics. The long debate about the universal applicability of mainstream economics is reconsidered in the light of the Soviet experience. Information is provided on the contribution of the study of the Soviet economy to fields as diverse as the measurement of economic growth, institutional economics, economic administration, the economics of property rights, the economics of the informal sector, the economics of famines, the Austrian critique of general equilibrium theory, and incentives.

Re-Thinking the Role of Institutions in Neoliberalism From New Institutional Economics Perspective

2020 ◽  
pp. 25-40
Author(s):  
Ilke Civelekoglu ◽  
Basak Ozoral
Keyword(s):  
Economic Growth ◽  
Political Economy ◽  
Developing Countries ◽  
Property Rights ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
The Political ◽  
Formal Institutions ◽  
Fertile Ground

In an attempt to discuss neoliberalism with a reference to new institutional economics, this chapter problematizes the role of formal institutions in the neoliberal age by focusing on a specific type of formal institution, namely property rights in developing countries. New institutional economics (NIE) argues that secure property rights are important as they guarantee investments and thus, promote economic growth. This chapter discusses why the protection of property rights is weak and ineffective in certain developing countries despite their endorsement of neoliberalism by shedding light on the link between the institutional structure of the state and neoliberalism in the developing world. With the political economy perspective, the chapter aims to build a bridge between NIE and political economy, and thereby providing fertile ground for the advancement of NIE.

scholarly journals Kaldor and Kornai on economics without equilibrium – two life courses

2017 ◽  
Vol 67 (s1) ◽  
pp. 47-66
Author(s):  
Peter Mihalyi
Keyword(s):  
General Equilibrium ◽  
Common Ground ◽  
Mother Tongue ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
Economic Profession ◽  
Mainstream Economics ◽  
Academic Literature ◽  
Life Courses

Nicholas Kaldor and János Kornai are known in the academic literature as the most principled and unyielding opponents of the neoclassical, mainstream economics in general, and the Arrow-Debreu General Equilibrium Theory (GET) in particular since the beginning of the 1970s. Nevertheless, they remained in the minority camp with their views until today. The mainstream of the economic profession still holds that only the neoclassical paradigm offers a comprehensive, systematic, consistent and, above all, mathematical (hence “scientific”) description of how modern economies operate. This paper aims at investigating why these two prolific writers, who were friends and spoke the same mother tongue, did not find a common ground and did not even try to build a school of followers jointly.

Property Security and its Limits in Classical Greece

2018 ◽  
pp. 315-343
Author(s):  
Emily Mackil
Keyword(s):  
Economic Growth ◽  
Property Rights ◽  
Institutional Economics ◽  
Ancient Greece ◽  
Careful Consideration ◽  
New Institutional Economics ◽  
Market Exchange ◽  
Classical Greece ◽  
Greek World

Scholars working in the New Institutional Economics take it as axiomatic that economic growth cannot happen without secure property rights. In his magisterial survey of the economy of the Greek cities, Alain Bresson has followed suit in asserting that security of property was a precondition for the development of market exchange, fuelling the growth that the Greek world so evidently experienced over the course of the Archaic, Classical, and Hellenistic periods. Yet careful consideration suggests that property in ancient Greece was comparatively insecure. This chapter explores the ways in which individuals could and did lose their property and asks how we are to understand the phenomenon of widespread economic growth in this light.

The Miracle of General Equilibrium

2019 ◽  
Vol 4 (4) ◽  
Author(s):  
Philip Pilkington
Keyword(s):  
General Equilibrium ◽  
Real World ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
The Real ◽  
Mainstream Economics

If general equilibrium theory does not accurately explain what happens in the real world, then what does? Philip Pilkington casts a critical eye over the foundations of mainstream economics.

Contemporary Principles of Heterodox Political Economy

2009 ◽  
pp. 38-57 ◽  
Author(s):  
Ph. O’Hara
Keyword(s):  
Economic Growth ◽  
Political Economy ◽  
Economic Development ◽  
Ethnic Discrimination ◽  
Mainstream Economics ◽  
Theoretical Perspectives ◽  
Analytical Review ◽  
New Ideas ◽  
Historical Specificity ◽  
Scientific Results

In this analytical review the author describes the main trends in the modern heterodox political economy as an alternative to mainstream economics. Historical specificity as well as the contradictory and uneven character of economic development are examined in detail. The author also discusses problems of class, gender and ethnic discrimination and their influence on economic growth. It is shown that there are tendencies to convergence of different theoretical perspectives and schools, common themes, topics of research and conceptual apparatus are being formed. The forces of integration and differentiation help establish new ideas and receive interesting scientific results in such fields as development economics, macroeconomics and international economics.

Some Developments in Economic Theory Since 1940: An Eyewitness Account

2010 ◽  
pp. 4-23 ◽  
Author(s):  
K. Arrow
Keyword(s):  
Economic Theory ◽  
General Equilibrium ◽  
Equilibrium Theory ◽  
General Equilibrium Theory ◽  
Economics Of Information ◽  
Modern Economic ◽  
Eyewitness Account ◽  
Theory Uncertainty ◽  
Professional Formation

The article considers the evolution of some branches of modern economic theory from the perspective of the authors biography as a scientist and his professional formation. It describes problems of econometrics, general equilibrium theory, uncertainty, economics of information, and growth. It is shown how different authors representing various fields came to similar conclusions simultaneously and independently, what were the problems, in response to which economists of the second half of last century developed their theories, and what were the contexts of such development.

Organizing and Reorganizing Markets

2018 ◽  
Author(s):  
Nils Brunsson ◽  
Mats Jutterström
Keyword(s):  
Organization Theory ◽  
Institutional Economics ◽  
Theoretical Framework ◽  
Intermediate Result ◽  
Field Of Study ◽  
Mainstream Economics ◽  
Formal Organizations ◽  
Partial Organization ◽  
Similarities And Differences ◽  
Market Organization

Organizing and Reorganizing Markets is an edited volume that brings organization theory to the study of markets. The differences between markets and organizations are often exaggerated. Both are organized. Organizing exists in addition to other processes and phenomena that form markets: the mutual adaption among sellers and buyers as described in mainstream economics and the institutions described in institutional economics and economic sociology. Market organization can be analysed with the same type of theories used for analysing organization within formal organizations. Through the use of many empirical examples, the book demonstrates how this can be done. We argue that the way a certain market is organized can be understood as the (intermediate) result of previous organizing processes. We discuss such questions as ‘What drives market organizing and reorganizing processes? What makes various organizations intervene as market organizers? And how are the specific contents of market organization determined?’ The answers to these questions help us to analyse similarities and differences among organizing processes in formal organizations and those in markets. The arguments are illustrated by in-depth studies of many types of markets. The book is intended to open up markets as a field of study for scholars of organization. Although the chapters have different authors, they use and elaborate upon the same general theoretical framework. The book contributes to the issue of organization outside and among organizations where a fundamental concept is that of partial organization.

scholarly journals Coevolving institutions and the paradox of informal constraints

2021 ◽  
pp. 1-20
Author(s):  
Daniel Seligson ◽  
Anne E. C. McCants
Keyword(s):  
Economic Growth ◽  
Game Theory ◽  
Dynamical Systems ◽  
Systems Theory ◽  
Institutional Economics ◽  
Dynamical Systems Theory ◽  
New Institutional Economics ◽  
Long Run

Abstract We can all agree that institutions matter, though as to which institutions matter most, and how much any of them matter, the matter is, paraphrasing Douglass North's words at the Nobel podium, unresolved after seven decades of immense effort. We suggest that the obstacle to progress is the paradigm of the New Institutional Economics itself. In this paper, we propose a new theory that is: grounded in institutions as coevolving sources of economic growth rather than as rules constraining growth; and deployed in dynamical systems theory rather than game theory. We show that with our approach some long-standing problems are resolved, in particular, the paradoxical and perplexingly pervasive influence of informal constraints on the long-run character of economies.

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