Description
Book SynopsisPricing, Valuation and Systems reintroduces American neoinstitutional economics as an alternative to the neoclassical orthodoxy.
Neoinstitutionalism, Professor Tool argues, provides a pragmatic analysis that confirms that most prices and costs are set by empowered discretionary agents, not by impersonal free markets. Similarly, the institutional fabric of contemporary economic systems is shown to be defined by agents with power, not natural laws or ‘ism’ models.
The author’s analysis is based upon the instrumental value theory of neoinstitutionalism rather than the utility value theory of neoclassicism. It challenges the price theory ‘heartland’ of neoclassical theory and the ‘market shock’ approach to restructuring Eastern Europe and offers neoinstitutional alternatives.
Table of ContentsPart 1 Introduction: a neoinstitutionalist perspective; a neoinstitutionalist mode of inquiry. Part 2 Pricing, costing and valuation: contributions to neoinstitutional pricing theory; pricing and valuation; administered pricing in the public sector; costing and valuation; social value theory and regulation. Part 3 Economic systems: the evolution of economic systems; institutional adjustment and instrumental value; a synthetic analysis of economic systems.
