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An analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies is developed in this analysis of economic structures.
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
The Organisation for Economic Co-operation and Development (OECD) is one of the least written about and least understood of our major global institutions. This new book builds a well-rounded understanding of this crucial, though often neglected, institution, with a range of clearly written chapters that: outline its origins and evolution, bringing its story fully up-to-date present a clear framework for understanding the OECD set the institution within the broader context of global governance outline key criticisms and debates evaluate its future prospects. Given the immense challenges facing humanity at the start of the 21st century, the need for the OECD as a venue where the world’s leading states can discuss, on an informal and ongoing basis, the conundrums of globalization has never been greater. The clarity and rigour of these chapters cut through the layers of misunderstanding and misconception that surround the OECD, often dismissed as a ‘rich-man’s club’, ‘a think-tank’ and ‘a consultative forum’. This new book dismantles these labels to provide a holistic understanding of the organization. This concise and accessible introduction is essential reading for all students of international relations, politics and world history and affairs.
ÔThis excellent volume brings together some of the most interesting writings on economic organization. It covers a vast range of topics that fall under the heading of economic organization, and most if not all aspects of a variety of organizational economics and organization theories are presented. Interestingly, this book also extends beyond the more traditional approaches informed by economics and organization theory as it broadens the horizon of the field by including relevant contributions from economic sociology, cognitive psychology, law, and strategic management. Given its breadth and depth, this volume will become one of the standard reference books that will inspire both theoretical and empirical research.Õ Ð John Hagedoorn, Maastricht University, The Netherlands ÔThis important new Handbook of Economic Organization is a highly successful attempt to integrate economic and organization theory. Anna Grandori, who is herself a leading scholar located at the boundaries of economics and organization theory, is to be congratulated on doing a superb job bringing together such a high profile group of internationally acknowledged scholars. Each of the essays in the book are original and contribute to demonstrating the valuable insights that economics can make to our understanding of organization and organizational design. Anna GrandoriÕs introductory and concluding chapters are not only excellent audits of the current state of our knowledge in this field but they also give a strong sense of direction for the possible futures of the discipline. Anna Grandori is not afraid to face head on some of the more philosophical issues relating to ÒorganizationÓ as an object of study and is to be commended for doing so. The economics of organization is a new, exciting and developing field and the essays in this book will help to shape the research agenda that will take this emergent discipline to its next stage.Õ Ð Peter M. Jackson, University of Leicester, UK ÔThis sweeping, comprehensive volume is a signal effort in building bridges between economics and organization theory. With a stellar cast of contributors, it will both inspire and provoke scholars with its grand amibitions, and generate considerable attention and debate. A remarkable effort by Anna Grandori.Õ Ð Walter W. Powell, Stanford University, US ÔAnna Grandori has astutely organized the commissioned chapters of an intellectually diverse set of scholars into an absolutely outstanding contribution that both defines the current state of organizational economics and points the perceptive reader toward an exciting intellectual future. From traditional research areas to the newest topics of interest, the chapters chart the current boundaries of the field. The chapters are filled with gems of insight across several distinct levels of analysis, whether it is a discussion of organizational design, or psychological economics or innovation or the organization as language, the discussions are contemporary, comprehensive and challenging. No serious scholar of organizational economics should be without this book.Õ Ð Richard N. Osborn, Wayne State University, US This comprehensive and groundbreaking Handbook integrates economic and organization theories to help elucidate the design and evolution of economic organization. Economic organization is regarded both as a subject of inquiry and as an emerging disciplinary field in its own right, integrating insights from economics, organization theory, strategy and management, economic sociology and cognitive psychology. The contributors, who share this integrated approach, are distinguished scholars at the productive peak in their fields. Each original, state-of-the art chapter not only addresses foundational issues, but also identifies key issues for future research. This original and wide-ranging Handbook will be a useful and thought-provoking read for academics, students and researchers in the fields of organization, management and economics.
First published in 1988, this book analyses the changes that took place in the economic organisation of the British construction industry throughout the 1970s and early 1980s, in particular considering its social and economic structure and examining the causes of its poor industrial record. Michael Ball describes how the major firms survived the economic slump between 1973 and 1982 - when construction workloads collapsed - by substantially restructuring their operations, relationships with clients, workforces and subcontractors. Detailed attention is paid to construction firms, the workers they employ, the influence of trade unionism and the role of other agencies in the building process. Reissued at a particularly challenging time for the British construction industry, this relevant and practical title will be of value to students and academics of economics and social change, as well as those on courses for construction professionals.
Shows how thinking in evolutionary terms enhances our understanding of the economic and social change taking place at all levels.
"Book and man are brilliant, passionate, optimistic and impatient . . . Outstanding." —The Economist The landmark exploration of economic prosperity and how the world can escape from extreme poverty for the world's poorest citizens, from one of the world's most renowned economists Hailed by Time as one of the world's hundred most influential people, Jeffrey D. Sachs is renowned for his work around the globe advising economies in crisis. Now a classic of its genre, The End of Poverty distills more than thirty years of experience to offer a uniquely informed vision of the steps that can transform impoverished countries into prosperous ones. Marrying vivid storytelling with rigorous analysis, Sachs lays out a clear conceptual map of the world economy. Explaining his own work in Bolivia, Russia, India, China, and Africa, he offers an integrated set of solutions to the interwoven economic, political, environmental, and social problems that challenge the world's poorest countries. Ten years after its initial publication, The End of Poverty remains an indispensible and influential work. In this 10th anniversary edition, Sachs presents an extensive new foreword assessing the progress of the past decade, the work that remains to be done, and how each of us can help. He also looks ahead across the next fifteen years to 2030, the United Nations' target date for ending extreme poverty, offering new insights and recommendations.
In this bold, sweeping study of the development of Western economies, Douglass C. North sets forth a new view of societal change.
This books presents a theory of economic development very different from the "stages of growth" hypothesis or strategies emphasizing foreign aid, trade, or regional association. Leaving these aside, the author breaks new ground by focusing on the use of domestic capital markets to stimulate economic performance. He suggests a "bootstrap" approach in which successful development would depend largely on policy choices made by national authorities in the developing countries themselves. Central to his theory is the freeing of domestic financial markets to allow interest rates to reflect the true scarcity of capital in a developing economy. His analysis leads to a critique of prevailing monetary theory and to a new view of the relation between money and physical capital—a view with policy implications for governments striving to overcome the vicious circle of inflation and stagnation. Examining the performance of South Korea, Taiwan, Brazil, and other countries, the author suggests that their success or failure has depended primarily on steps taken in the monetary sector. He concludes that monetary reform should take precedence over other development measures, such as tariff and tax reform or the encouragement of foreign capital investment. In addition to challenging much of the conventional wisdom of development, the author's revision of accepted monetary theory may be relevant for mature economies that face monetary problems.
"An invaluable text for all those interested in cities and economic change. Empirically grounded, theoretically informed, and written in a highly accessible way to help students understand processes underlying the changing urban economy, urban governance, and the role of place." - Lily Kong, National University of Singapore "Editors and contributors leave readers in no doubt about the extent of the transformations coursing through urban economies in the global north and south." - Kevin Ward, University of Manchester "An essential read for anyone interested in the role of cities in the changing global space economy." - James Faulconbridge, Lancaster University "A timely and path-breaking contribution to the urban literature. It stands out as an excellent addition to the expanding urban library and a key reference on urban issues." - George C.S. Lin, Hong Kong University Cities and Economic Change combines a sound theoretical grounding with an empirical overview of the urban economy. Specific references are made to key emergent processes and debates including splintered labour markets, informal economies, consumption, a comparative discussion of North and South, and quantitative aspects of globalization. The text is clear and accessible, with pedagogical features and illustrative case studies integrated throughout. The use of boxes for city examples, key questions for discussion at the end of main chapters together with suggested readings and key web sites are designed to aid learning and understanding.