Socio-psychological aspects of market exchange in institutional economy

Teodor Sedlarski

Economic Thought journal, 2014, issue 1, 95-114

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.

JEL-codes: A12 B41 B52 P16 (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econth:y:2013:i:1:p:95-114

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