Mechanisms and Institutions

Leonid Hurwicz

Chapter 4 in Economic Institutions in a Dynamic Society: Search for a New Frontier, 1989, pp 87-110 from Palgrave Macmillan

Abstract: Abstract Economists have long been interested in policies, systems, and institutions. But although normative issues arise in all three contexts, only narrowly-defined policy issues were considered open to formalised analysis. The famous battles between ‘institutionalists’ and ‘classicists’ provide some of the evidence. Atkins et al. (1931), in their Economic Behavior, An Institutional Approach (p. iii), make a point of the fact that ‘no attention is given to hypothetical supply and demand curves …’ and ‘no treatment … given … to the factors of production — land, labor, capital, enterprise, as such — to subjective utility, to normal price, to marginal buyers and sellers ….’

Keywords: Nash Equilibrium; Institutional Arrangement; Distributive Justice; Outcome Function; Pareto Optimality (search for similar items in EconPapers)
Date: 1989
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DOI: 10.1007/978-1-349-20097-9_4

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