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Institutions, Markets and Economic Co‐ordination: Linking Development Policy to Theory and Praxis
Author(s) -
Dorward Andrew,
Kydd Jonathan,
Morrison Jamie,
Poulton Colin
Publication year - 2005
Publication title -
development and change
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.267
H-Index - 93
eISSN - 1467-7660
pISSN - 0012-155X
DOI - 10.1111/j.0012-155x.2005.00400.x
Subject(s) - ordination , institution , praxis , economics , element (criminal law) , work (physics) , institutional economics , economic system , relation (database) , new institutional economics , neoclassical economics , political science , law , machine learning , computer science , mechanical engineering , database , engineering
This article explores policy applications of ‘new institutional economics’ theory in relation to markets and economic development. It argues for application of an analytical framework which instead of looking at institutions primarily in terms of their contributions to making competitive markets work better, sees such markets as one form of institution fulfilling exchange and co‐ordination functions in an economy. A key element in this is recognition of the importance of processes of change in non‐standard market arrangements in economic development, and there are strong theoretical, practical and historical grounds for more consistent policy in this area.