THE NEW INSTITUTIONAL ECONOMICS – A DIFFERENT APPROACH TO ECONOMIC ANALYSIS

The initial objective of the paper is to describe the way in which the term ‘New Institutional Economics’ (NIE) emerged in the literature and became the designation for a new field concerned with the study of various analytical techniques designed for the exploration of institutional phenomena. It is then shown how some of the more important of these techniques, transaction‐cost economics, property‐rights analysis and contract theory, have been applied in two central lines of neoinstitutional thought – the Williamsonian and the Northian. Criticisms of these two disparate theoretical positions on the NIE are considered and assessed. Next, a brief review of some of the empirical literature is undertaken so that the explanatory powers of NIE themes can be gauged. Finally, the paper offers a few general remarks on the present state of the NIE and its possible influence on the further development of economics.     

Using Information Communication Technology to Develop International Entrepreneurship Competencies

Many researchers claim that the use of web-based learning tools and information and communication technology (ICT) will revolutionize traditional learning methods in university contexts and fundamentally change the process of how knowledge is gathered and disseminated. However, there are conflicting views regarding the benefits of these techniques and actual learning outcomes. This paper posits that by using ICT and particularly the Web as a dynamic and integrating learning tool, several strategic competencies can be deployed and that the international knowledge, skills and competencies of entrepreneurship students can be radically enhanced. In light of an extensive literature review on research in the field, suggestions are provided for using the Web as a comprehensive teaching tool.     

External communication behaviour of purchasers—effects on supplier management performance

This article presents findings of a research effort that focuses on the relationships among the external communication behaviour of purchasers, individual and contextual factors and the performance in supplier management. Communication quantity, openness and friendliness were identified as dimensions of individual communication behaviour. Information and relationship quality were used as the two dimensions of communication quality. The results, based on structural equation analysis, provide support for the positive influence of individual communication behaviour on communication quality and supplier management performance. Results suggest that relationship quality appears to be of great significance in the model. Oral communication capability and purchasers’ attitudes towards individual communication with suppliers also play important roles in explaining external communication behaviour of purchasers.     

Empowerment of SME websites—Development of a web-empowerment scale and preliminary evidence

The emergence of the Internet and the World Wide Web has been argued to fundamentally reshape economic conditions and business practices of firms. It is seen as a promoter of rapid internationalisation of companies, particularly small and medium enterprises. In the aftermath of the burst of the electronic-bubble business practitioners and academics look with scrutiny on successful web-strategies, relevant dimensions of online-success and try to identify viable website practices which enable long-term rewards. The literature offers a rather patchy pattern for successful web-strategies and consumer perspectives on what is expected from websites is hardly available. Within this paper, we introduce the dimension “web-empowerment”. This is a multidimensional construct comprising of consumer views on various dimensions of relevant and successful websites. The web-empowerment scale is based on a large sample from Austria, and developed according to scale development procedures. The relevance of this construct and practical issues in the context of a cross-country sample of SME’s is empirically examined. The paper concludes by offering implications for SME practitioners and for research.     

Behavioral uncertainty and investments in cooperative relationships

We study a cooperative relationship between two economic agents, in which one agent can make investments in the relationship to reduce the probability that the other agent defects. The probability of defection is derived from an incomplete information decision model of the transaction partner. We show that the relationship between investment and probability of defection depends on the type of uncertainty considered and analyze the effects of parameter changes on the optimal level of investment. Copyright © 2004 John Wiley & Sons, Ltd.     

GATT and the “Uruguay Round”

In September 1986, a ministerial conference staged in Punta del Este, Uruguay, gave the starting signal for a new GATT round. This round will be a test of the adaptability and reformability of the multilateral trading system. The following article examines the issues involved and the ensuing conflicts, of interest.     

Gleichgewichte bei vollständiger Konkurrenz

Ohne ZusammenfassungVortrag T. H. Karlsruhe, 28. Juni 1962.     

The Phillips curve under state-dependent pricing

We derive a Phillips curve equation from the dynamic stochastic general equilibrium (DSGE) model with state-dependent pricing developed by Dotsey et al. [1999. State-dependent pricing and the general equilibrium dynamics of money and output. Quarterly Journal of Economics 114, 655-690]. This state-dependent Phillips curve encompasses the new Keynesian Phillips curve (NKPC) based on Calvo-type price setting as a special case. We analyze the effect of the state-dependent terms (that is, the variations in the distributions of price vintages) on inflation persistence, and we examine whether the hybrid NKPC (that is, the NKPC extended by a lagged inflation term) can adequately describe inflation dynamics generated in a calibrated state-dependent pricing economy.     

Half-time in the European Parliament—Expectations,reality, outlook

The European Parliament was set up by direct elections in June 1979. Great expectations had been placed in these direct elections with regard to the further development of the European Community. Now, half-way through the Parliament’s five-year term, a certain Euro-weariness is gaining ground. Had expectations been pitched too high? How is the work of the European Parliament so far to be assessed? What are the prospects for the future?