The Place of Institutions in the Economy: A Theoretical Perspective

Kenneth Arrow

Chapter 2 in The Institutional Foundations of East Asian Economic Development, 1998, pp 39-48 from Palgrave Macmillan

Abstract: Abstract Standard economic theory is only apparently institution-free. More importantly, the failures of the theory serve as a fruitful way to examine the need for institutions and explain why they emerge. It is, however, less useful, but not entirely useless, in analyzing which institutions will emerge.1

Keywords: Capital Structure; Cooperative Game; Market Failure; Contingent Market; Standard Economic Theory (search for similar items in EconPapers)
Date: 1998
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DOI: 10.1007/978-1-349-26928-0_2

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