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Socio-psychological aspects of market exchange in institutional economy

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  • Teodor Sedlarski

Abstract

This article summarizes some unorthodox aspects of the institutional approach to the markets as social structures (institutions). Demonstrated is the possibility to extend the new institutional analysis, based on the concepts of formal and informal rules, property rights, transaction costs, limited rationality and social networks, considering the role of social phenomena such as power, status competition and cognitive challenges of the greater selection opportunities. The conclusions of the proposed extended institutional approach are related to the problem of the long-term sustainability of the market society.

Suggested Citation

  • Teodor Sedlarski, 2014. "Socio-psychological aspects of market exchange in institutional economy," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 95-114.
    • Handle: RePEc:bas:econth:y:2013:i:1:p:95-114
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    More about this item

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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