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Ekonomia i Prawo. Economics and Law

MARKET AND GOVERNMENT FAILURES IN HISTORICAL INSTITUTIONAL ANALYSIS BY DOUGLASS C. NORTH AND AVNER GREIF
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MARKET AND GOVERNMENT FAILURES IN HISTORICAL INSTITUTIONAL ANALYSIS BY DOUGLASS C. NORTH AND AVNER GREIF

Authors

  • Karol Fijałkowski

DOI:

https://doi.org/10.12775/EiP.2010.004

Abstract

Economic historians Douglass C. North and Avner Greif use the tools on the New Institutional Economics and Game Theory and draw the attention of economists to the fact that both markets and governments are institutional constructs created by opportunistic individuals and groups with different interests. They show how exceptionally many are the social and cultural conditions of credible commitment are necessary for the emergence of efficient markets and government. In contrast with standard economic approaches, from the historical-institutional point of view it is the efficiency of some markets and governments should be treated as “deviations” from a norm and states of “failure” – as a starting points in analyses of markets and governments. This observation bears important implications both for contemporary institutional engineering and for economic theory, and even for teaching economics.

References

Baumol W.J., Entrepreneurship: Productive, Unproductive, and Destructive, “Journal of Political Economy” 1990, Vol. 98, No. 5, s. 893-921.

Greif A., Cultural Beliefs and the Organization of Society: A Historical and Theoretical Reflection on Collectivist and Individualist Societies, “Journal of Political Economy” 1994, Vol. 102, No. 5, s. 912-950.

Greif A., Commitment, Coercion and Markets: The Nature and Dynamics of Institutions Supporting Exchange, [w:] Handbook of New Institutional Economics, red. C. Menard, M. Shirley, Springer, Dordrecht 2005, s. 727-786.

North D.C., Structure and Change in Economic History, Norton, New York – London 1981.

North D.C., Government and the Cost of Exchange in History, “Journal of Economic History” 1984, Vol. 44, No. 2, s. 255-264.

North D.C., Institutions, Institutional Change and Economic Performance, Cambridge University Press 1990.

North D.C., Institutions, “Journal of Economic Perspectives” 1991, Vol. 5, No. 1, s. 97-112.

North D.C., Understanding the Process of Economic Change, Princeton University Press 2005.

North D.C., Efektywność gospodarcza w czasie, [w:] Współczesne teorie socjologiczne, red. A. Jasińska-Kania, L.M. Nijakowski, J. Szacki, M. Ziółkowski, Scholar, Warszawa 2006 [1994], T. 1, s. 553-562.

North D.C., Thomas R.P., The Rise of the Western World. A New Economic History, Cambridge University Press 1973.

North D.C., Wallis J.J., American Government Expenditures: A Historical Perspective, “American Economic Review” 1982, Vol. 72, No. 2, s. 336-340.

North D.C., Wallis J.J., Weingast B.R., Violence and Social Orders. A Conceptual Framework for Interpreting Recorded Human History, Cambridge University Press 2009.

Ekonomia i Prawo. Economics and Law

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Published

2010-12-31

How to Cite

1.
FIJAŁKOWSKI, Karol. MARKET AND GOVERNMENT FAILURES IN HISTORICAL INSTITUTIONAL ANALYSIS BY DOUGLASS C. NORTH AND AVNER GREIF. Ekonomia i Prawo. Economics and Law. Online. 31 December 2010. Vol. 6, no. 1, pp. 57-70. [Accessed 6 July 2025]. DOI 10.12775/EiP.2010.004.
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