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Institutions and Economics of Conventions

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  • C. Bessy
  • O. Favereau

Abstract

"Institutions", as a set of pre-existing and objective resources of justification, is the milieu where economic agents can find materials to solve their coordination problems and/or their conflicts of reproduction. "Conventions" are collective representations of "justified common worlds" that activate institutions and legitimize arrangements within "organizations", whose joint production of goods and rules will lead to the renewal - or the degeneracy - of prior institutional milieu. The plurality of justification orders postulated in the model takes account of the empirical diversity of institutions. The institutional dynamics is studied through the operations which do/undo the possibility of building "common worlds" from "plurality". Competition, as for the space of prices, should be combined with сritic, as for the space of values (norms).

Suggested Citation

  • C. Bessy & O. Favereau, 2010. "Institutions and Economics of Conventions," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 7.
    • Handle: RePEc:nos:voprec:y:2010:id:1046
    DOI: 10.32609/0042-8736-2010-7-12-38
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