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The Transformation of Hayami’s Village

In: Community, Market and State in Development

Author

Listed:
  • Jonna P. Estudillo
  • Yasuyuki Sawada
  • Kei Kajisa
  • Nobuhiko Fuwa
  • Masao Kikuchi

Abstract

One of the most important areas of inquiries in development economics is the choice of the most appropriate economic system that promotes economic development. In reality, an economic system is a combination of various interactions of three important organizations, that is, the community, market, and state. A community is defined as a small group of people characterized by intensive social interactions that tend to minimize information asymmetry between transacting parties, thereby lowering transaction costs of economic activities (Aoki and Hayami, 2001). A market is an organization that coordinates the activities of profit-maximizing firms and utility-maximizing individuals under the guidance of prices, while a state specializes in the supply of public goods by means of legitimate coercive power (Hayami and Godo, 2005).

Suggested Citation

  • Jonna P. Estudillo & Yasuyuki Sawada & Kei Kajisa & Nobuhiko Fuwa & Masao Kikuchi, 2010. "The Transformation of Hayami’s Village," Palgrave Macmillan Books, in: Keijiro Otsuka & Kaliappa Kalirajan (ed.), Community, Market and State in Development, chapter 14, pages 224-244, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-29501-8_14
    DOI: 10.1057/9780230295018_14
    as

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