Toward a Comparative Institutional Analysis
Markets are one of the most salient institutions produced by humans, and economists have traditionally analyzed the workings of the market mechanism. Recently, however, economists and others have begun to appreciate the many institution-related events and phenomena that have a significant impact on economic performance. Examples include the demise of the communist states, the emergence of Silicon Valley and e-commerce, the European currency unification, and the East Asian financial crises.
In this book Masahiko Aoki uses modern game theory to develop a conceptual and analytical framework for understanding issues related to economic institutions. The wide-ranging discussion considers how institutions evolve, why their overall arrangements are robust and diverse across economies, and why they do or do not change in response to environmental factors such as technological progress, global market integration, and demographic change.
About the Author
Masahiko Aoki is Henri H. and Tomoye Takahashi Professor of Japanese Studies in the Department of Economics at Stanford University.
—W. Bentley MacLeod, Professor of Economics and Law, University of Southern California
—Kaushik Basu, Professor of Economics and Carl Marks Professor, Cornell University
—Douglass C. North, Department of Economics, University of Washington St. Louis