Average Reviews:
(More customer reviews)This original book draws into historical studies to illustrate the evolution of economics institutions. The application of economics, history and game theory is very creative and a definitely achievement of the book, in the tradition of North's "Understanding the Process of Economic Change" or other recent followers like Acemoglou's "Economic Origins of Dictatorship and democracy".
The book is divided in four main sections and 14 chapters. First, the author explains institutions as systems in equilibria, applying history and game theory. Then, he enlightens institutional dynamics as historical process (focusing on endogenous change or how history affects institutions and cultural beliefs) only to conclude with a method to apply in sociological and historical studies.
This is a seminal work and Greif's is able to clarify how market institutions work and evolve, how control and oversight institutions are created and how this questions relate to economic history and theory. Moreover, he illustrates them with real examples, like the evolution of medieval trade. It is a careful, readable and historical approach to economic development, applying economic and game theory to explain institutional patterns and change. Interesting!
Click Here to see more reviews about: Institutions and the Path to the Modern Economy: Lessons from Medieval Trade (Political Economy of Institutions and Decisions)
0 comments:
Post a Comment