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The Dynamics of the Institutional Change and the Market Economy: Understanding Contemporaneous Market Development Processes

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  • Dulbecco, Philippe

Abstract

The Austrian theory of institutions shows the particularity of being tied into a market process analysis. If such a specificity gave rise to a great number of analytical as well as methodological or epistemological contributions, its empirical dimension has been neglected to the benefit of the so-called Institutional works. The aim of my contribution is to come back to this untapped potential in order to exhibit the operational nature of Austrian analyses of institutions, particularly those of Lachmann. The objective here is to establish, through an appropriate temporal articulation of different institutions, the conditions for a harmonious development of market processes. I particularly show the great benefit of such a framework in order to, on one side, offer some explanations of the recent financial crisis faced by the emerging economies, and on the other side, to understand the specificity as well as the coherence of the Chinese economic transition. Copyright 2003 by Kluwer Academic Publishers

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  • Dulbecco, Philippe, 2003. "The Dynamics of the Institutional Change and the Market Economy: Understanding Contemporaneous Market Development Processes," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 16(2-3), pages 231-251, September.
    • Handle: RePEc:kap:revaec:v:16:y:2003:i:2-3:p:231-51
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    Cited by:

    1. Christophe Depres & Gilles Grolleau & Naoufel Mzoughi, 2008. "Contracting for Environmental Property Rights: The Case of Vittel," Economica, London School of Economics and Political Science, vol. 75(299), pages 412-434, August.
    2. Philippe Dulbecco & Martin Yelkouni, 2007. "Sustainable development and institutional change: evidence from the Tiogo Forest in Burkina Faso," Journal of International Development, John Wiley & Sons, Ltd., vol. 19(8), pages 1043-1058.

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