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Za obzor neoklasické ekonomie: cesta k principům nové institucionální ekonomie
[Beyond the horizon of neoclassical economics: navigation to principles of the new institutional economics]

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  • František Svoboda

Abstract

This paper starts with discussion about enhanced and frequently used conceptions of free markets, market failures and market primacy. There are pointed some simplifications due to the man should be prospective while using them, especially in applied economics. We have no positive definition of a free market and it is not clear, how often and if any we can observe such market about us. Troubles with market failures are derived from different meanings in different schools of economic thought. The market primacy is an abstract concept more than historical fact. Because of such difficulties the paper is inscribed to institutional alternative which is able to evolve complex research of institutions and to involve useful aspects of neoclassical economics. Useful ground for this analysis is institutional individualism which defines program for research of institutional framework of economy.

Suggested Citation

  • František Svoboda, 2007. "Za obzor neoklasické ekonomie: cesta k principům nové institucionální ekonomie [Beyond the horizon of neoclassical economics: navigation to principles of the new institutional economics]," Politická ekonomie, Prague University of Economics and Business, vol. 2007(4), pages 539-557.
    • Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:4:id:613:p:539-557
    DOI: 10.18267/j.polek.613
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    References listed on IDEAS

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    1. Hirschman, Albert O, 1982. "Rival Interpretations of Market Society: Civilizing, Destructive, or Feeble?," Journal of Economic Literature, American Economic Association, vol. 20(4), pages 1463-1484, December.
    2. repec:ucp:bkecon:9780226320625 is not listed on IDEAS
    3. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
    4. David Colander, 2018. "The Death Of Neoclassical Economics," Chapters, in: How Economics Should Be Done, chapter 5, pages 46-62, Edward Elgar Publishing.
    5. Toboso, Fernando, 2001. "Institutional Individualism and Institutional Change: The Search for a Middle Way Mode of Explanation," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 25(6), pages 765-783, November.
    6. Ha-Joon Chang, 2002. "Breaking the mould: an institutionalist political economy alternative to the neo-liberal theory of the market and the state," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 26(5), pages 539-559, September.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

    1. Lenka Slavíková, 2013. "Na institucích záleží! Ale proč? [Institutions Matter! But Why?]," Politická ekonomie, Prague University of Economics and Business, vol. 2013(1), pages 121-127.
    2. Jiřina Jílková & Lenka Slavíková, 2009. "Ekonomie životního prostředí na rozcestí [Economics of the Environmental Protection on the Crossroad]," Politická ekonomie, Prague University of Economics and Business, vol. 2009(5), pages 660-676.
    3. Miroslav Jurásek & Václav Leinweber & Radim Valenčík, 2016. "Politicko-ekonomická reflexe současného stavu globální společnosti," Politická ekonomie, Prague University of Economics and Business, vol. 2016(2), pages 218-236.

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    More about this item

    Keywords

    new institutional economics; free market; market failures; market primacy; neoclassical economics;
    All these keywords.

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D49 - Microeconomics - - Market Structure, Pricing, and Design - - - Other

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