The Human Predicament: Society, Institutions, and Individuals

Don Kanel

Journal of Economic Issues, 1988, vol. 22, issue 2, 427-434

Abstract: This article is concerned with the role of institutions in organizing the economy and argues with some neoclassical and Marxist positions. The neoclassical approach usually ignores the role of institutions, while its “public choice-property rights” extensions overemphasize the market solution to market failure problems. The Marxist approach is useful in relating institutions to the conflicts of interest, but tends to be overoptimistic about possibilities of social control of economic activities.

Date: 1988
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DOI: 10.1080/00213624.1988.11504772

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