Until the 1980s, most national economies were characterized by a clear hierarchy of norms both within the legal order and between public and private ordering. Transnational exchange was then governed by inter-governmental agreements aimed at articulating these national economic systems and associated public and private norms. Since then, this governance regime has experienced massive changes. A great number of new norm-makers and intermediaries now shape the incentives and sanctions that g...

Institutions frame behaviors and exchanges in markets, business networks, communities, and organizations throughout the world. Thanks to the pioneering work of Ronald Coase, Douglas North and Olivier Williamson, institutions are now recognized as being a key factor in explaining differences in performance between industries, nations, and regions. The fast-growing field of new institutional economics analyzes the economics of institutions and organizations using methodologies, concepts, and...

Governance challenges and solutions for the provision of global public goods in such areas as the environment, food security, and development.Global public goods (GPGs)—the economic term for a broad range of goods and services that benefit everyone, including stable climate, public health, and economic security—pose notable governance challenges. At the national level, public goods are often provided by government, but at the global level there is no established st...

Different types of markets exist throughout the world but how are they created? In this book, an interdisciplinary team of authors provide an evolutionary vision of how markets are designed and shaped. Drawing on a series of case studies, they show that markets are far from perfect and natural mechanisms, and propose a new view of markets as social construct, explaining how combinations of economic, political and legal constraints influence the formation and performance of markets. Histori...

Digital technologies have prompted the emergence of new modes of regulation and governance, since they allow for more decentralized processes of elaboration and implementation of norms. Moreover, the Internet has been raising a wide set of governance issues since it affects many domains, such as individual rights, public liberties, property rights, economic competition, market regulation, conflict management, security and the sovereignty of states. There is therefore a need to understand h...

Regulation is often thought of as an activity that restricts behaviour and prevents the occurrence of certain undesirable activities, but the influence of regulation can also be enabling or facilitative, as when a market could potentially be chaotic if uncontrolled. This Handbook provides a clear and authoritative discussion of the major trends and issues in regulation over the last thirty years, together with an outline of prospective developments. It brings together contributionsfrom lea...

With the radical changes in information production that the Internet has introduced, we stand at an important moment of transition, says Yochai Benkler in this thought-provoking book. The phenomenon he describes as social production is reshaping markets, while at the same time offering new opportunities to enhance individual freedom, cultural diversity, political discourse, and justice. But these results are by no means inevitable: a systematic campaign to protect the entrenched industrial...

“Economists and the Powerful: Convenient Theories, Distorted Facts, Ample Rewards” explores the workings of the modern global economy – an economy in which competition has been corrupted and power has a ubiquitous influence upon economic behavior. Based on empirical and theoretical studies by distinguished economists from both the past and present day, this book argues that the true workings of capitalism are very different from the popular myths voiced in mainstream economics. Offering a ...

Building on the success of the previous two editions, this book provides students with an exemplary overview of the theory and practice of public policy implementation and how it relates to contemporary public management. In doing so, this new edition makes use of more illustrative examples, delves further into researching implementation and explores issues about the relationship between policy formulation and implementation in greater depth.Written for an international audience, t...

Numbers dominate global politics and, as a result, our everyday lives. Credit ratings steer financial markets and can make or break the future of entire nations. GDP drives our economies. Stock market indices flood our media and national debates. Statistical calculations define how we deal with climate change, poverty and sustainability. But what is behind these numbers?In How Numbers Rule the World, Lorenzo Fioramonti reveals the hidden agendas underpinning the use of statistics a...

The innovation economy begins with discovery and culminates in speculation. Over some 250 years, economic growth has been driven by successive processes of trial and error: upstream exercises in research and invention and downstream experiments in exploiting the new economic space opened by innovation. Drawing on his professional experiences, William H. Janeway provides an accessible pathway for readers to appreciate the dynamics of the innovation economy. He combines personal reflections ...

This second edition assesses some of the major refinements, extensions, and useful applications that have developed in neoinstitutionalist thought in recent years. More attention is given to the overlap between the New Institutional Economics and developments in economic history and political science. In addition to updated references, new material includes analysis of parallel developments in the field of economic sociology and its attacks on representatives of the NIE as well as an expla...