Institutional Analysis and Economic Policy

Institutional Analysis and Economic Policy

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The purpose of this volume is to demonstrate how contemporary institutional economic analysis can be applied to the resolution of economic problems. All of the essays in this book challenge the conventional wisdom in the problem areas addressed. They advocate policy positions that often run contrary to views widely held by academic economists and policy makers alike. The general literature of institutional economics is unorthodox, beginning with its methodological foundations and continuing through the kind of policy analysis found in these pages. The orthodox tradition in economics is commonly characterized as qneoclassical economics.q Neoclassical economics fosters the myth that only qthe marketq can efficiently allocate a society's economic resources and equitably distribute its income. It provides the intellectual defense for in which qfree marketsq are championed over democratic capitalist ideology policy formation, which it contends is neither efficient nor equitable. For both professional economists and policy makers of a conservative political persuasion, neoclassical economics writes the script for a morality play in which the market is the qgood guyq and the government is the qbad guy.q As such, it undermines the belief that free societies can enhance economic welfare through the use of democratic processes in the formulation of economic policies.InEurope, DT, BT, and others invested $125 billionto acquire licenses toprovide advanced wireless services. In view of slow demand growthand potential excess wireless capacity, they are seekingto renegotiate license payments andshare some wireless network costs (Romero 2001, A1). ... InDecember 2001, ATaamp;T appeared to be ending its foray into cable TV with an agreement tosell this operationto Comcast for$44 billion. ... 10 Bilateral bargaining suffers from a number of problems.


Title:Institutional Analysis and Economic Policy
Author: Marc R. Tool, Paul Dale Bush
Publisher:Springer Science & Business Media - 2012-12-06
ISBN-13:

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