Economics - General & Miscellaneous, Microeconomics
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Overview
Pricing, Valuation and Systems presents American neoinstitutional economics as a practical coherent alternative to the neoclassical orthodoxy. Marc Tool's work provides a pragmatic analysis which challenges neoclassical price theory by arguing that most prices and costs are set by empowered discretionary agents, not by impersonal free markets. He contends that in contemporary economies, including those of Eastern Europe, discretionary agents, not natural laws or 'ISM' models, define and redefine the institutional fabric of economic systems. In explaining that 'market shock' is a misguided approach to restructuring Eastern Europe, this book offers a neoinstitutional theory of institutional adjustment which provides an alternative approach to the rebuilding of impaired systems.Editorials
Booknews
Tool (economics, California State U., Sacramento) argues for American neoinstitutional economics as an alternative to neoclassical orthodoxy in his collected papers. Central to this argument is his contention that prices and costs are set by empowered discretionary agents, not by impersonal free markets. In addition to his discussions of theory and pricing, costing, and valuations, he analyzes economic systems in general; and addressing Eastern European restructuring particularly, he offers a neoinstitutional theory of adjustment which provides an alternative to the rebuilding of impaired systems currently in place there. Distributed by Ashgate. Annotation c. Book News, Inc., Portland, OR (booknews.com)Book Details
Published
January 1, 1995
Publisher
Elgar, Edward Publishing, Inc.
Pages
243
Format
Hardcover
ISBN
9781852789763