Pricing, Valuation and Systems reintroduces American neoinstitutional economics as an alternative to the neoclassical orthodoxy.Neoinstitutionalism, Professor Tool argues, provides a pragmatic analysis that confirms that most prices and costs are set by empowered discretionary agents, not by impersonal free markets. Similarly, the institutional fabric of contemporary economic systems is shown to be defined by agents with power, not natural laws or ‘ism’ models.
The author’s analysis is based upon the instrumental value theory of neoinstitutionalism rather than the utility value theory of neoclassicism. It challenges the price theory ‘heartland’ of neoclassical theory and the ‘market shock’ approach to restructuring Eastern Europe and offers neoinstitutional alternatives.
- ISBN10 185278976X
- ISBN13 9781852789763
- Publish Date 1 January 1995
- Publish Status Active
- Publish Country GB
- Imprint Edward Elgar Publishing Ltd
- Format Hardcover
- Pages 256
- Language English