Externality and Institutions by Papandreou

Externality and Institutions by Papandreou

Debate over the important concept of externality has influenced economists' perception of the role of governing authorities and has become central to the appraisal of the economy-ecology connection. There are however many ambiguities in the characterization of this concept. The book examined ideas of externality and some of the ways that these have influenced econmics. The author provides a distinctive and non-technical survey of the various methodological approaches taken by economists to the issue of externalities. The difficult issue of defining or characterizing externality is traced to the inadequate treatment of institutions in economic analysis. A richer understanding of the economic function of institutions is critical to understanding certain limitations of mainstream economic theory, as well as the means to overcome them. The book's major theme is an exploration of institutional inefficiency and the implications of incorporating organizational costs into economic models.

'Papandreou's efforts to clarify the various meanings given to the externality concept, and his emphasis throughout on the centrality of issues of institutions are of great value, and will be of significant aid to those seeking to further advance the discussion' * Malcolm Rutherford, Journal of Economic Literature *
'[any] reader interested in externality theory, institutional analysis, or public policy will profit from reading this book' * E. C. Pasour, Jr., American Journal of Agricultural Economics *

SKU	Unavailable
ISBN 13	9780198293071
ISBN 10	0198293070
Title	Externality and Institutions
Author	Papandreou
Condition	Unavailable
Binding Type	Paperback
Publisher	Oxford University Press
Year published	1998-03-12
Number of pages	316
Cover note	Book picture is for illustrative purposes only, actual binding, cover or edition may vary.