Economics Social Institutions: Insights from the Conferences on Analysis & IdeologyK. Brunner The productive work of widely distributed academic research has contributed substantially, over the postwar period, to important advances in our understanding. It has also offered a clearer recognition of many unresolved problems. Never theless, the progress achieved over the last decades, ex hibited by the systematic application of "theory" to actual issues and observable problems, could not overcome a per vasive sense of dissatisfaction. Some academic endeavors pursued within a traditional range of economic analysis have appeared increasingly remote from broad social issues, motivating the social and intellectual unrest experienced in recent years. Conditioned by the traditional use of economic analysis, many have naturally concluded that the "most relevant" social issues agitating our times are beyond the reach of economics. Purist advocates of a traditional view thus condemn any extension of economic analysis to social issues as an escape into "ideology". Others argue the need for an "interdisciplinary approach" involving sociology, social psychology, or anthropology as necessary strands in a useful understanding of social, institutional, and human problems of contemporary societies. We note here, in par ticular, the subtle attraction inherent in Marxian thought. It appears to offer a unified approach, with a coherent inter pretation, to all matters and aspects of human society, in cluding even nature. |
Contents
Milton Friedman in Our Time | 29 |
Intellectual Barbarism 41 | 40 |
A Hobbesian Interpretation of the Rawlsian | 59 |
The Methodology and | 79 |
Economics and the Public Purpose | 105 |
The Capitalist Corporation and the Socialist Firm 131 | 130 |
Managerial Behavior Agency | 163 |
Some Implications of Recognition of Property 233 | 232 |
The Antitrust Dilemma | 255 |
Toward a Theory of the Press | 267 |
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Economics Social Institutions: Insights from the Conferences on Analysis ... K. Brunner No preview available - 2011 |
Economics Social Institutions: Insights from the Conferences on Analysis ... K. Brunner No preview available - 2011 |
Common terms and phrases
activities Adam Smith agency costs Alchian allocation alternative analysis antitrust assets assumptions bankruptcy behavior bondholders capital changes claims competition consumer consumption contracts debt decision demand Demsetz discussion distribution Economic Theory economists enforce equilibrium equity example exchange existence expansion path expenditures explain F. A. Hayek financing firm firm's fraction fractional ownership function Galbraith Galbraithian given Harold Demsetz Hobbesian ideological implies income increase indifference curve individuals industry institutions interest Interlaken issues J. K. Galbraith Journal ldc's manager manager's marginal market value maximization ment Milton Friedman monitoring and bonding monopoly neoclassical nomic nonpecuniary benefits optimal organization original position output owner owner-manager ownership percent person planning system possible potential Press problem profit property rights Rawls Rawlsian reduce relevant residual role sector share socialist society stockholders structure technostructure theoretical tion total agency costs transaction costs utility wage wealth