How to design institutional frameworks for markets New institutional economics meet the needs of industrial organization
The key role of institutions for economic performance has recently been acknowledged in the economic policy debate. This paper aims at pointing out the main policy lessons and the recommendations to be drawn from New Institutional Economics (NIE), when considering the organization of markets. We exa...
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| Published in | Revue d'économie industrielle pp. 87 - 118 |
|---|---|
| Main Authors | , |
| Format | Journal Article |
| Language | English |
| Published |
01.01.2010
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| Online Access | Get full text |
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| Abstract | The key role of institutions for economic performance has recently been acknowledged in the economic policy debate. This paper aims at pointing out the main policy lessons and the recommendations to be drawn from New Institutional Economics (NIE), when considering the organization of markets. We examine, first, the domains – namely the establishment of property rights, the management of externalities and the maintenance of the competitive process – on which NIE identifies the potential impact of institutional tools on market performance. Second, we highlight the tradeoffs identified in the literature regarding the organization of an institutional system. This leads us to consider the respective virtues and drawbacks of hierarchical vs. transactional, public vs. private, centralized vs. decentralized and formal vs. informal ordering. Finally, we conclude by showing how NIE draws attention to the difficulties faced by political or economic decision-makers when they attempt to enhance market efficiency by reforming institutional frameworks.
L'influence des institutions sur les performances économiques est désormais largement reconnue en économie. Cet article cherche à mettre en évidence les principales leçons de politique économique que l'on peut tirer de la Nouvelle Economie Institutionnel (NEI) quand il s'agit d'organiser des marchés. Nous examinons tout d'abord les domaines dans lesquels la NEI identifie des effets des outils institutionnels sur les performances économiques; à savoir l'établissement des droits de propriété, la gestion des externalités et la maintenance du processus concurrentiel. En second lieu, nous mettons en lumière les principaux arbitrages analysés. Cela nous amène à considérer les avantages et inconvénients de la coordination hiérarchique par opposition aux transactions marchandes, de la gouvernance publique comparée à la privée, de la centralisation par rapport à la décentralisation, des ordres formels ou informels. Nous concluons en évoquant les difficultés auxquelles les décideurs politiques doivent faire face lorsqu'il s'agit de gérer des réformes institutionnelles. |
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| AbstractList | The key role of institutions for economic performance has recently been acknowledged in the economic policy debate. This paper aims at pointing out the main policy lessons and the recommendations to be drawn from New Institutional Economics (NIE), when considering the organization of markets. We examine, first, the domains – namely the establishment of property rights, the management of externalities and the maintenance of the competitive process – on which NIE identifies the potential impact of institutional tools on market performance. Second, we highlight the tradeoffs identified in the literature regarding the organization of an institutional system. This leads us to consider the respective virtues and drawbacks of hierarchical vs. transactional, public vs. private, centralized vs. decentralized and formal vs. informal ordering. Finally, we conclude by showing how NIE draws attention to the difficulties faced by political or economic decision-makers when they attempt to enhance market efficiency by reforming institutional frameworks.
L'influence des institutions sur les performances économiques est désormais largement reconnue en économie. Cet article cherche à mettre en évidence les principales leçons de politique économique que l'on peut tirer de la Nouvelle Economie Institutionnel (NEI) quand il s'agit d'organiser des marchés. Nous examinons tout d'abord les domaines dans lesquels la NEI identifie des effets des outils institutionnels sur les performances économiques; à savoir l'établissement des droits de propriété, la gestion des externalités et la maintenance du processus concurrentiel. En second lieu, nous mettons en lumière les principaux arbitrages analysés. Cela nous amène à considérer les avantages et inconvénients de la coordination hiérarchique par opposition aux transactions marchandes, de la gouvernance publique comparée à la privée, de la centralisation par rapport à la décentralisation, des ordres formels ou informels. Nous concluons en évoquant les difficultés auxquelles les décideurs politiques doivent faire face lorsqu'il s'agit de gérer des réformes institutionnelles. |
| Author | Brousseau, Éric Nicita, Antonio |
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