Market institutions and economic evolution |
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Authors: | Brian J Loasby |
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Institution: | (1) Department of Economics, University of Stirling, Stirling FK9 4LA, UK (e-mail: b.j.loasby@stir.ac.uk) , UK |
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Abstract: | Our cognitive limitations cause us to rely on institutions to guide reasonable behaviour; market institutions reduce the
costs of search, negotiation, and monitoring entailed in making single transactions. The making of markets requires an investment
of immaterial capital, the major share of which typically is provided by those who expect to be very active on one side of
the market. This `external organisation' provides producers with information for the development of new products; by simplifying
transactions it also allows consumers greater scope for developing consumption capabilities. Thus the evolution of institutions
guides the evolution of goods and services. |
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Keywords: | : Institutions – Markets – Producers – Consumers – Evolution |
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