Titlebook: Institutional Barriers in the Transition to Market; Examining Performanc Christopher A. Hartwell Book 2013 Palgrave Macmillan, a division o

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Christopher A. Hartwell by the price mechanism of the market (Coase, 1937:388). He argues that markets and hierarchies were equivalent institutional arrangements to carrying out a transaction, if they would not entail different costs (Coase, 1937:388-392). Therefore “[T] he main reason why it is profitable to establish a

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by the price mechanism of the market (Coase, 1937:388). He argues that markets and hierarchies were equivalent institutional arrangements to carrying out a transaction, if they would not entail different costs (Coase, 1937:388-392). Therefore “[T] he main reason why it is profitable to establish a

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Defining and Measuring Institutions,n?” As Geoffrey Hodgson astutely pointed out, “it is not possible to carry out any empirical or theoretical analysis of how institutions … work without having some adequate conception of what an institution … is” (Hodgson 2006: 1). While there is a well-developed philosophical literature attempting

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The Relative Importance of Institutions in Economic Outcomes in Transition,f may be moot if institutions played only a relatively small role in determining economic outcomes. As the literature review in Chapter 2 touched upon, and this chapter will show, a major point of contention in the transition economics field has been over this very point, on the relative contributio

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