Institutions

Steven Rosefielde and Ralph W. Pfouts

Chapter 7 in Inclusive Economic Theory, 2014, pp 79-86 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The Philosophes believed that reason would lead mankind to design and adopt institutions required for optimally functioning, self-regulating neoclassical economic systems. These institutions were supposed to be procompetitive and consistent with John Locke's social contract. They include private property protections and civil rights. Whatever the specifics turned out to be, they had to satisfy these criteria, and in this sense were “constitutional” as distinct from “legislative” regulations…

Keywords: Inclusive Economic Theory; Satisficing; Systems; Culture (search for similar items in EconPapers)
Date: 2014
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