EconPapers    
Economics at your fingertips  
 

Linking “adaptive efficiency” with the basic market functions: A new analytical perspective for institution and policy analysis

Ligang Song and Chérie Simpson

Asia and the Pacific Policy Studies, 2018, vol. 5, issue 3, 544-557

Abstract: This conceptual paper develops a new perspective linking the concept of “adaptive efficiency” with the allocative, discovery and creative functions of the market from an institutional perspective. The efficacy of the adaptive efficiency of market functions in improving economic performance is proposed to be measured by changes in transaction costs. This perspective enables an analysis of the independent and interrelated effects of these functions, provides a more complete understanding of entrepreneurial activities and the efficient allocation of resources, better deals with the central problems of economic system and organisation, namely, adaptation and the coordination of knowledge, and has useful implications for public policy.

Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://doi.org/10.1002/app5.249

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:bla:asiaps:v:5:y:2018:i:3:p:544-557

Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=2050-2680

Access Statistics for this article

More articles in Asia and the Pacific Policy Studies from Wiley Blackwell
Bibliographic data for series maintained by Wiley Content Delivery ().

 
Page updated 2019-02-23
Handle: RePEc:bla:asiaps:v:5:y:2018:i:3:p:544-557