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.
| ISBN: | 9781852789763 |
| Publication date: | 1st January 1995 |
| Author: | Marc R Tool |
| Publisher: | Edward Elgar Publishing Ltd |
| Format: | Hardback |
| Pagination: | 256 pages |
| Genres: |
Economic theory and philosophy |
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.
PRICING, VALUATION AND SYSTEMS features in the following genres: Economic theory and philosophy
PRICING, VALUATION AND SYSTEMS is available in Hardback
PRICING, VALUATION AND SYSTEMS was written by Marc R Tool and published by Edward Elgar Publishing Ltd
PRICING, VALUATION AND SYSTEMS has 256 pages