By Geoffrey M. Hodgson, ed.
Within the Nineties, institutional and evolutionary economics emerged as probably the most artistic and profitable ways within the glossy social sciences. This reader gathers jointly contributions from major foreign authors within the box of institutional and evolutionary economics together with Eileen Appelbaum, Benjamin Coriat, Giovanni Dosi, Sheila C. Dow, Bengt-Ake Lundvall, Uskli Maki, Bart Nooteboom and Marc R. software. The emphasis is on key strategies akin to studying, belief energy, pricing and markets,with a few essays dedicated to technique and others to the comparability of alternative types of capitalism.
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Additional info for A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).)
Finally, it is interesting to note that, although Means did not make explicit use of social value theory, he does recognize that judgements of appropriateness or propriety must be made concerning prices administratively set. In this particular context, he argues that target rate prices which yield returns on capital no greater than ‘the competitive cost of capital’ may be considered as consistent with the public interest. A rough approximation of such a rate is that allowed public utilities by effective regulatory commissions (Means, 1963, p.
2 For Galbraith, the ‘technostructure becomes the commanding power’ in the modern giant corporation. As organized management, it is the locus of discretion over pricing decisions and much else that affects the character and continuity of the large corporation. Its decisions are collegial, but authoritarian (Galbraith, 1973, pp. 83–6). The technostructure consists of the technical specialists who exercise de facto power and are placed hierarchically just below the pro forma executives and directors of the organization.
7–8). Economic power, reflected in discretionary pricing, matters. Finally, in exploring policy implications, Eichner must address, as do other scholars, the character and consequences of price judgements made by megacorps. He concludes that ‘effective social control over the individual megacorp can be achieved by no more and no less than regulating both the rate of growth, and the composition of aggregate investment’. The economic welfare of both individuals and the economy generally cannot otherwise be served.
A Modern Reader in Institutional and Evolutionary Economics: Key Concepts (In Association With the European Association of Evolutionary Political Economy (EAEPE).) by Geoffrey M. Hodgson, ed.