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Neutral Markets, Non-neutral Institutions and Economic Evolution

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  • Maslov, Alexander
  • Volchik, Vyacheslav

Abstract

The article argues the neutral nature of markets. It describes the ways neutral markets expand or fold under the influence of non-neutral institutions. A demarcation is lined up between efficacy of a market process and a market result. The paper shows inconsistency of existing neoclassic models in their objective to depict equilibrium parameters. The evolutionary nature of economies compels economists to concentrate on process efficacy which might also conduce to selection of suboptimal institutions. The latter may become extremely robust and evolve into stable populations if an existing institutional framework contributes to the expansion of exchanges. These issues are analyzed through the prism of "bottle-neck" and "founder" effects. The comparative inefficiency of economic evolution claims for effectiveness of a process but not the general system.

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File URL: http://mpra.ub.uni-muenchen.de/42692/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42692.

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Date of creation: 29 Oct 2010
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Handle: RePEc:pra:mprapa:42692

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Related research

Keywords: market efficacy; congenital development; institutional transformation; bottle-neck effect; founder's effect;

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References

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  1. Mokyr, Joel, 1992. "Technological Inertia in Economic History," The Journal of Economic History, Cambridge University Press, vol. 52(02), pages 325-338, June.
  2. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August.
  3. Polterovich, Victor, 2007. "Institutional Trap," MPRA Paper 20595, University Library of Munich, Germany.
  4. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May.
  5. Greif, Avner, 1992. "Institutions and International Trade: Lessons from the Commercial Revolution," American Economic Review, American Economic Association, vol. 82(2), pages 128-33, May.
  6. North, Douglass C, 1994. "Economic Performance through Time," American Economic Review, American Economic Association, vol. 84(3), pages 359-68, June.
  7. Dosi, Giovanni, 1988. "Sources, Procedures, and Microeconomic Effects of Innovation," Journal of Economic Literature, American Economic Association, vol. 26(3), pages 1120-71, September.
  8. Arthur, W Brian, 1989. "Competing Technologies, Increasing Returns, and Lock-In by Historical Events," Economic Journal, Royal Economic Society, vol. 99(394), pages 116-31, March.
  9. Dosi, Giovanni, 1997. "Opportunities, Incentives and the Collective Patterns of Technological Change," Economic Journal, Royal Economic Society, vol. 107(444), pages 1530-47, September.
  10. Mokyr, Joel, 1990. "Punctuated Equilibria and Technological Progress," American Economic Review, American Economic Association, vol. 80(2), pages 350-54, May.
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Cited by:
  1. Volchik Vyacheslav, 2011. "Facilities Of Original Institutional Economics In Research Of Institutional Changes," Вопросы регулирования экономики, CyberLeninka & Общество с ограниченной ответственностью «Гуманитарные перспективы», vol. 2(3), pages 24-38.

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