Individuals and institutions

Article Abstract:

The interaction between individual preferences and institutional structure determines political and economic outcomes. Institution-specific solutions to the process of making social decisions are produced when the 'rules of the game' are specified. A model illustrates the condition under which many institutions compete for members. Two definitions of institutions lead to membership-based and position-based definitions of institutional equilibrium.

Institutional economics, Equilibrium (Economics)

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Economics in action: ideas, institutions, policies

Article Abstract:

Technological and political reform has given people of the US and the world substantial opportunities for global market expansion and increased international output. However, such progress entails lags that must be understood and accepted by politicians as an inevitable but vital part of economic development. Thus, the economic incentives generated by opening up the world market and increasing privatization must be supported.

Management, Economic development, International trade, Business cycles

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Competition among institutions

Article Abstract:

There are integrative models of the general equilibrium approach and game theory to analyze the formation of coalitions and the role of institutions in their formation. The general equilibrium approach is a useful model for examining the economic environment's influences on coalition formations, while the game theory approach is a useful model for investigating the influences on institutional rules on equilibrium outcomes.

Economics, Research and Development in the Social Sciences and Humanities, Group Dynamics, Human resource management, Interpersonal relations, Social groups, Social institutions

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