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Market institutions and economic evolution

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Author Info
Brian J. Loasby () (Department of Economics, University of Stirling, Stirling FK9 4LA, UK)
Abstract

Our cognitive limitations cause us to rely on institutions to guide reasonable behaviour; market institutions reduce the costs of search, negotiation, and monitoring entailed in making single transactions. The making of markets requires an investment of immaterial capital, the major share of which typically is provided by those who expect to be very active on one side of the market. This `external organisation' provides producers with information for the development of new products; by simplifying transactions it also allows consumers greater scope for developing consumption capabilities. Thus the evolution of institutions guides the evolution of goods and services.

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Publisher Info
Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 10 (2000)
Issue (Month): 3 ()
Pages: 297-309
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Handle: RePEc:spr:joevec:v:10:y:2000:i:3:p:297-309

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Related research
Keywords: Institutions - Markets - Producers - Consumers - Evolution

Find related papers by JEL classification:
D1 - Microeconomics - - Household Behavior
D2 - Microeconomics - - Production and Organizations
L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance
L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
O1 - Economic Development, Technological Change, and Growth - - Economic Development

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Davide Consoli, 2005. "Changing boundaries and structure of a technological system: lessons from UK retail banking," Industrial Organization 0506006, EconWPA. [Downloadable!]
  2. Davide Consoli, 2005. "Cash and the Counter: Capabilities and Preferences in the Demand for Banking Technologies," Development and Comp Systems 0511010, EconWPA. [Downloadable!]
  3. Anders Malmberg & Peter Maskell, 2005. "Localized Learning Revisited," DRUID Working Papers 05-19, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
    Other versions:
  4. Davide Consoli, 2005. "Cash and the Counter: Capabilities and Preferences in the Demand for Banking Technologies," Industrial Organization 0511001, EconWPA. [Downloadable!]
  5. Brian Loasby, 2001. "Industrial Dynamics: Why Connections Matter," DRUID Working Papers 01-09, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
  6. Davide Consoli, 2005. "Changing boundaries and structure of a technological system: lessons from UK retail banking," Development and Comp Systems 0506004, EconWPA. [Downloadable!]
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