MARKETS, institutions and family size in rural Philippine households
AbstractIn poorly developed market economies, high transactions and related costs, produce a pattern of market organizations with heavy relianceon traditional institutions for handling transactions.The family is one such institution because family ties or bonds allow more efficien, tcontractual arrangementsthan do markets. The family enterprise dominates such economies. In highly developed market economies, market transactions are low cost. Competitive suppliers provide information at low cost..The public sector providesgoods and standards that facilitate transactions.Communication is low cost. In such economies the family enterprise losesits advantage in many sectorsof the economy, and market transactionsdominate economic activity. In this paper we develop a framework for explaining the transition from nonmarket to market institutions. We usethe framework to generatespecific hypotheses which are confronted, in turn, with'evidencefrom the rural Philippines. Our specific focus ison the most pervasive and important of all traditional institutions - the rural household.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 13227.
Date of creation: 1986
Date of revision:
Publication status: Published in Journal of Philippine Development 23.18(1986): pp. 141-162
Find related papers by JEL classification:
- D13 - Microeconomics - - Household Behavior - - - Household Production and Intrahouse Allocation
- J43 - Labor and Demographic Economics - - Particular Labor Markets - - - Agricultural Labor Markets
- D02 - Microeconomics - - General - - - Institutions: Design, Formation, and Operations
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- Roumasset, James, 1978. "The new institutional economics and agricultural organization," MPRA Paper 13175, University Library of Munich, Germany.
- Leonardo A. Lanzona & Robert E. Evenson, 1997. "The Effects of Transactions Costs on Labor Market Participation and Earnings: Evidence from Rural Philippine Markets," Working Papers 790, Economic Growth Center, Yale University.
- James A. Roumasset, 2002. "The Microeconomics of Agricultural Development in the Philippines," Working Papers 200210, University of Hawaii at Manoa, Department of Economics.
- James Roumasset, 2004. "Rural Institutions, Agricultural Development, and Pro-poor Economic Growth," Asian Journal of Agriculture and Development, Southeast Asian Regional Center for Graduate Study and Research in Agriculture, vol. 1(1), pages 61-82, June.
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