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The Place of Institutions in the Economy: A Theoretical Perspective

In: The Institutional Foundations of East Asian Economic Development

Author

Listed:
  • Kenneth J. Arrow

    (Stanford University)

Abstract

Standard economic theory is only apparently institution-free. More importantly, the failures of the theory serve as a fruitful way to examine the need for institutions and explain why they emerge. It is, however, less useful, but not entirely useless, in analyzing which institutions will emerge.1

Suggested Citation

  • Kenneth J. Arrow, 1998. "The Place of Institutions in the Economy: A Theoretical Perspective," International Economic Association Series, in: Yujiro Hayami & Masahiko Aoki (ed.), The Institutional Foundations of East Asian Economic Development, chapter 2, pages 39-48, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-26928-0_2
    DOI: 10.1007/978-1-349-26928-0_2
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    Citations

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    Cited by:

    1. Masahiko Aoki, 2013. "Institutions as cognitive media between strategic interactions and individual beliefs," Chapters, in: Comparative Institutional Analysis, chapter 17, pages 298-312, Edward Elgar Publishing.
    2. Susumu Cato & Adrien Lutz, 2018. "Kenneth Arrow, moral obligations, and public policies," Working Papers 1841, Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon.
    3. Machiko Nissanke & Ernest Aryeetey, 2006. "Institutional Analysis of Financial Market Fragmentation in Sub-Saharan Africa: A Risk-Cost Configuration Approach," WIDER Working Paper Series RP2006-87, World Institute for Development Economic Research (UNU-WIDER).
    4. Alice Sindzingre, 2005. "Explaining Threshold Effects of Globalization on Poverty: an Institutional Perspective," WIDER Working Paper Series RP2005-53, World Institute for Development Economic Research (UNU-WIDER).
    5. Mudambi, Ram & Navarra, Pietro, 2002. "Institutions and internation business: a theoretical overview," International Business Review, Elsevier, vol. 11(6), pages 635-646, December.
    6. Kaushik Basu, 2007. "Identity and altruism: The Moral basis of prosperity and oppression," Discussion Papers 08-08, Indian Statistical Institute, Delhi.
    7. Basu, Kaushik, 2006. "Identity, Trust and Altruism: Sociological Clues to Economic Development," Working Papers 06-05, Cornell University, Center for Analytic Economics.

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