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- W2317884056 abstract "Microeconomic analysis of institutions has found a secure place in the economics literature. In development economics, for example, the last few years have seen a proliferation of studies trying to explain the tenure, credit, and labor institutions that dot the rural landscape of the developing world. This essay reflects on the nature of institutional analysis in contemporary microtheory: when institutions matter; and when they matter, how they are studied. The perspective of current micro institutional analysis is contrasted with the institutional economics of John R. Commons and the Wisconsin School. It will be argued that the John R. Commons point of view makes clear the insufficiency of microeconomic Pareto efficiency as the sole basis for institutional analysis. This article is divided into three parts. The first will introduce the entry points for institutional analysis in microeconomic theory. It will be shown that institutions can be introduced at both general equilibrium and partial equilibrium levels, although only the latter has really been explored. The second section will tell the tale of two contracts. It will present Commons's analysis of yellow dog labor contracts and A. Braverman and J. Stiglitz's analysis of the institutional puzzle of interlinked tenure-credit contracts. Both examples have been chosen to typify their respective regimes of institutional analysis. The third and final section will construct" @default.
- W2317884056 created "2016-06-24" @default.
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- W2317884056 date "1985-09-01" @default.
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- W2317884056 title "A Wisconsin Institutionalist Perspective on Microeconomic Theory of Institutions: The Insufficiency of Pareto Efficiency" @default.
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- W2317884056 doi "https://doi.org/10.1080/00213624.1985.11504416" @default.
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