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Institutional Analysis and Economic Policy

by Marc R. Tool

"The authors of the essays in this book reject the mainstream neoclassical view that the market should rule "uber alles." Examining the problems existing in a number of crucial areas of economic policy, they demonstrate the inadequacy of the orthodox view that markets can generate economic welfare without the guidance of democratically formulated economic policies. Using the principles of the original institutional economics (OIE), they fashion long-term strategies for the formation of economic policies that can accommodate institutional changes necessary to meet the ever-changing...

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