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Synopsis
Pricing, Valuation and Systems reintroduces American neoinstitutional economics as an alternative to the neoclassical orthodoxy.
Neoinstitutionalism, Professor Tool argues, provides a pragmatic analysis that confirms that most prices and costs are set by empowered discretionary agents, not by impersonal free markets. Similarly, the institutional fabric of contemporary economic systems is shown to be defined by agents with power, not natural laws or ‘ism’ models.
The author’s analysis is based upon the instrumental value theory of neoinstitutionalism rather than the utility value theory of neoclassicism. It challenges the price theory ‘heartland’ of neoclassical theory and the ‘market shock’ approach to restructuring Eastern Europe and offers neoinstitutional alternatives.
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À propos de l?auteur
Marc R. Tool, Professor Emeritus of Economics, California State University, Sacramento, US
Les informations fournies dans la section « A propos du livre » peuvent faire référence à une autre édition de ce titre.
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PRICING, VALUATION AND SYSTEMS: Essays in Neoinstitutional Economics
Edité par
Edward Elgar Publishing, 1995
ISBN 10 : 185278976X
ISBN 13 : 9781852789763
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