The Dynamics of the Institutional Change and the Market Economy: Understanding Contemporaneous Market Development Processes

The Dynamics of the Institutional Change and the Market Economy: Understanding Contemporaneous... The Austrian theory of institutions shows the particularity of being tied into a market process analysis. If such a specificity gave rise to a great number of analytical as well as methodological or epistemological contributions, its empirical dimension has been neglected to the benefit of the so-called Institutional works. The aim of my contribution is to come back to this untapped potential in order to exhibit the operational nature of Austrian analyses of institutions, particularly those of Lachmann. The objective here is to establish, through an appropriate temporal articulation of different institutions, the conditions for a harmonious development of market processes. I particularly show the great benefit of such a framework in order to, on one side, offer some explanations of the recent financial crisis faced by the emerging economies, and on the other side, to understand the specificity as well as the coherence of the Chinese economic transition. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

The Dynamics of the Institutional Change and the Market Economy: Understanding Contemporaneous Market Development Processes

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2003 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/A:1024596908542
Publisher site
See Article on Publisher Site

Abstract

The Austrian theory of institutions shows the particularity of being tied into a market process analysis. If such a specificity gave rise to a great number of analytical as well as methodological or epistemological contributions, its empirical dimension has been neglected to the benefit of the so-called Institutional works. The aim of my contribution is to come back to this untapped potential in order to exhibit the operational nature of Austrian analyses of institutions, particularly those of Lachmann. The objective here is to establish, through an appropriate temporal articulation of different institutions, the conditions for a harmonious development of market processes. I particularly show the great benefit of such a framework in order to, on one side, offer some explanations of the recent financial crisis faced by the emerging economies, and on the other side, to understand the specificity as well as the coherence of the Chinese economic transition.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 4, 2004

References

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