This book aims to develop an institutional approach to general economic equi- librium. Thus far, institutional economics has essentially been confined to purely verbal discourse. Here I argue the case that general equilibrium theory forms a well rounded basis for the development of an institutional economic the- ory. The fundamental economic trade mechanism underlying this refocusing is that of the Edgeworthian barter mechanism modelled through the equilibrium notion of the core of an economy. There is an extensive literature that links the core with the Walrasian price mechanism, which is...

Imperfections and Behavior in Economic Organizations analyzes the organization of economic decision making in a contemporary setting. The contributors focus on two important aspects of this analysis. First, they address the issue of imperfect or incomplete information and communication in economic organizations and consider imperfections arising from the interaction of the market organization with its environment. Second, the issue of cooperation in a competitive environment is thoroughly analyzed and alternative social trade organizations are designed to dissipate the allocation...

Imperfections and Behavior in Economic Organizations analyzes the organization of economic decision making in a contemporary setting. The contributors focus on two important aspects of this analysis. First, they address the issue of imperfect or incomplete information and communication in economic organizations and consider imperfections arising from the interaction of the market organization with its environment. Second, the issue of cooperation in a competitive environment is thoroughly analyzed and alternative social trade organizations are designed to dissipate the allocation...

This book aims to develop an institutional approach to general economic equi- librium. Thus far, institutional economics has essentially been confined to purely verbal discourse. Here I argue the case that general equilibrium theory forms a well rounded basis for the development of an institutional economic the- ory. The fundamental economic trade mechanism underlying this refocusing is that of the Edgeworthian barter mechanism modelled through the equilibrium notion of the core of an economy. There is an extensive literature that links the core with the Walrasian price mechanism, which is...

This textbook introduces and develops new tools to understand the recent economic crisis and how desirable economic policies can be adopted. This title is suitable reading for undergraduate, MSc and postgraduate students in microeconomic analysis, economic theory and political economy.