Book Description
In this novel introduction to modern microeconomic theory, Samuel Bowles returns to the classical economists' interest in the wealth and poverty of nations and people, the workings of the institutions of capitalist economies, and the coevolution of individual preferences and the structures of markets, firms, and other institutions. Using recent advances in evolutionary game theory, contract theory, behavioral experiments, and the modeling of dynamic processes, he develops a theory of how economic institutions shape individual behavior, and how institutions evolve due to individual actions, technological change, and chance events. Topics addressed include institutional innovation, social preferences, nonmarket social interactions, social capital, equilibrium unemployment, credit constraints, economic power, generalized increasing returns, disequilibrium outcomes, and path dependency.
Each chapter is introduced by empirical puzzles or historical episodes illuminated by the modeling that follows, and the book closes with sets of problems to be solved by readers seeking to improve their mathematical modeling skills. Complementing standard mathematical analysis are agent-based computer simulations of complex evolving systems that are available online so that readers can experiment with the models. Bowles concludes with the time-honored challenge of "getting the rules right," providing an evaluation of markets, states, and communities as contrasting and yet sometimes synergistic structures of governance. Must reading for students and scholars not only in economics but across the behavioral sciences, this engagingly written and compelling exposition of the new microeconomics moves the field beyond the conventional models of prices and markets toward a more accurate and policy-relevant portrayal of human social behavior.
Customer Reviews:
Brilliant synthesis of behavioral microeconomics.......2007-06-19
Samuel Bowles, a heterodox economist known for his long time cooperation with Herb Gintis on various cutting edge works in the field of behavioral economics and related subjects, has made a fantastic synthesis of all the material and conclusions in this area of research in "Microeconomics: Behavior, Institutions and Evolution".
As the title promises, Bowles makes extensive use of concepts from socio-evolutionary theory, institutional economics and anthropology, as well as applications from (evolutionary) game theory, to discuss the basics of economic choices, interaction, cooperation, and exchange. It may take a bit of adjusting at first, especially if one is not used to heterodox economics, since his well-written overview starts from very different points than most generic orthodox textbooks do. But it is very rewarding: all the relevant issues are presented in their complexity, nothing is swept under the carpet, and what makes this book in particular commendable is the way in which information from anthropology, psychology and the social sciences is weaven into the 'story'. The contrast with the ridiculous assumptions and the unrealistic or simply false simplistic models of standard neoclassical textbooks (like for example that of Mankiw) is striking.
It must be said that a proper understanding of all the arguments requires familiarity with intermediate level mathematics for economists, and the general level of abstraction and discussion is quite high, so this is not an easy book. Fortunately, this is mitigated somewhat by Bowles' clear writing, and sometimes he also takes the trouble (which unfortunately few economists do) of specifically explaining what the mathematical formulas mean, for people who have difficulty with somewhat advanced equations and the like. In any case, he relies quite correctly more on empirical arguments regarding problems of the common, of evolution of institutions, the workings of altruism, prisoner's dilemmas, and so on than on any kind of math (although these things can be expressed in math, often).
At the end, Bowles provides some problem sets organized by subject as in the book, to allow readers and students to grapple with the issues presented.
Overall, this is probably the best overview specifically about microeconomics currently in existence, and it's a shame that it is not the standard textbook in all economics classes on the subject. Much better than anything Mankiw, Barro etc. have ever produced.
Very strong, but flawed.......2006-03-30
In Microeconomics, Bowles applies game theory, the insights of experimental economics, a contested exchange theory of the firm based upon conflict and power, and endogenous formation of traits, to microeconomic theory.
This is probably the most developed statement of what Bowles has called "Post-Walrasian Economics." Essentially, a form of neoclassical economics in which the unrealistic assumptions of Walrasian/ perfectly competitve type economics are rejected and not merely replaced "imperfect" competition and information (e.g. some degree of divergence from the walrasian assumptions, using those assumptions as their reference point). Rather, Bowles gives complex, somewhat realistic descriptions of the non-Walrasian characteristics of the economy, many of which have a totally different qualitative side than the Walrasian model.
Bowles is largely successful, yet there are some problems. There is alot of calculus in this book, not at an incredibly high level, but this certainly limits the appeal of this book to many readers without an understanding of calculus. Also, many of the examples used in the models are very abstract. An agent is faced with a choice to "adopt a characteristic" when they "have an interaction" with some other agent. Nothing wrong with abstraction per se, but it would be nice to have a better idea of what real world issues these models have relevance for.
Also, Bowles rose to prominence as one of the top radical economists and one of the founders of the Union for Radical Political Economics. He apparently still has similar political views and much of this book supports the existence of pervasive market failures supports a left perspective. Yet, not much time is spent on the particular topics usually explored by radical models. Those aspects of the "conflict theory" of the firm which are most profound, such as the choice of technique being influenced by the need of the capitalist to maximize their bargaining power rather than efficiency, are mentioned but not explored in great detail. However, given the incredibly detailed exploration of various aspects of conflict in the labor process, the models developed in this book have great value for those looking to develop new radical models.
Also, this book is thoroughly neoclassical (albeit informed by the best advances in NC economics, even those which contradict age old staples of NC theory) in terms of price and distribution theory, etc... As someone who is heterodox in their beliefs about economics, this is bit of a disappointment for me. However, most of these insights could be integrated into heterodox theory.
There are also a few problematic claims in this book. Bowles apparently supports Duncan Foley's argument that if we focus on aggregate outcomes, the consequences of the SMD theorem are somewhat mitigated. Foley's claims are actually quite questionable. See Frank Ackerman's "Still Dead After all these Years: Interpreting the failure of General Equilibrium Theory."
Demonstrates The Instability of Current Economic Theory.......2005-06-08
The idea of Walrasian equilibria is in serious trouble, and there isn't a good back filler that fits experimental evidence. If this represents an exciting plot for you, read on. On the other hand, if you want to hide out in late 19th century (supplemented by 1950s) math models for a few more years, avoid this book.
If Bowles is any indication of the enlightened center, the walls of stable microeconomic theory are shaking. The trumpets are blown by experimentalists and and supporting work from serious anthropologists, historians, etc. that suggest people just don't quite do what is expected by classical microeconomics. That is a problem. Elegance that isn't factual just isn't science. Neither does it look like the gods of game theory fully come to the rescue, no matter how elegant Nash equilibria might be.
Still, the most likely candidate theory for stable microeconomics is the evolution literature and the associated game theoretic concepts that have been staples in biology for over 30 years. Ideas adapted from biology may offer dynamics without contextuality. Bowles teaches related constructs neatly in a book that is still less quantitative than a few others I have looked at. There are few partial differentials for their own sake. On the other hand, there is real math here--enough to scare people off who are fightened by such things, but math isn't the point as it can be in other micro theory works. The point is reality, which is also the slippery slope that will make this book hard for the trade to adopt, I'd guess. Remarkably, the book reads like a search for solutions rather than the expression of what can be said with simple math models in a logically consistent manner.
If your prof uses this text for microeconomic theory, you are lucky. It could be a lot worse. On the other hand, if you are an economist (or wannabe), you might want to supplement this with more conventional work if you are going to face departmental exams, syllabus reviews, etc.
This is decidedly the new view of things, though it will probably become dated in a reasonably short period as experimentalists proceed. It is isn't a history book of ahistorical microeconomic theory, which is the safe way to go for conventional texts.
Overall, this is probably as exciting as microeconomic theory can be, and it is the foundations of an honest social science theory--no matter how tentative. It opens more questions than it solvies which is probably the new standard for positive social science texts.
The book might have been improved by some broader treatment of social network theory in the game theory section and by even more extensive treatment of experimental evidence and methods--particularly methods. Few people are actually training social scientists to do experiments these days. That's too bad. It is the future.
If this work is the skeleton of such a future, economists are going to be political psychologists, are going to be behavioral biologists, are going to be population ecologists, etc. It may be a very interesting time to become an economist if this is the sort of book a program is using. Historians and science studies folks will want to monitor these emerging changes. This is a place to peg legitimate change.
Book Description
This important book explores the contribution states can make to overcoming collective action problems and create collective goods favorable to social, economic, and political development. It examines how state-society relations as well as features of state structure shape the conditions under which states seek to advance development and the conditions that make success more or less likely. And it offers empirical evidence showing that historical state structures have had lasting effects even on today's development. Particular focus is given to bureaucratic oversight, market functioning, and the assertion of democratic demands discipline state actions and contribute to state effectiveness. These propositions and the social mechanisms underlying them are examined in comparative historical and cross-national statistical analyses.
Book Description
The story of American Institutional Economics, from its foundations through its supremacy and subsequent decline is an extremely interesting one. Today with the return of Darwinian ideas to social sciences, changes in psychology and a revival of pragmatist philosophy, the intellectual conditions for a revival and reconstruction of American Institutionalism are arguably in place.
Few are better qualified to provide an authoritative, wide-ranging account of the rise, fall and potential rebirth of institutional economics than Geoffrey Hodgson. This well-written comprehensive study offers an interpretation of Veblen and American Institutionalism that places Darwinism at the center. In this and other aspects, it challenges prevailing accounts of the nature and potential of American Institutionalism.
The author's position as one of the most important economists in the world is becoming cemented by his marvelous history of important books. This book will only add to his status. The book will be read and re-read by academics and students economics, philosophy and sociology.
Customer Reviews:
Darwin and the Economy.......2005-03-23
Darwin's influence in the social sciences is growing, and at the same time, it is often resisted. Economics and economists though (taken as a whole) haven't had a lot to say about Darwin or Darwinism. Institutional Economics however (both new and original) tries to analyze how economies change over time. It seems only natural therefore that economists should consider Darwin and Darwin's ideas. Geoffrey Hodgson writes well about the potential importance of Darwin and Darwinism for economics and also how Darwin relates to a lot of other new developments in the social sciences. He approaches these issues primarily by examining the development of original Institutional Economics as formulated by Thorstein Veblen.
Professor Hodgson devotes several chapters to some complex issues in philosopy of science. I enjoyed his treatment of concepts such as emergentism, reductionism and realism. I especially enjoyed his treatment of structure-agency theory, a concept that has gotten a lot of attention in sociology, but little (unfortunately) in economics.
Based on this discussion he proceeds to analyze the growth and demise of Veblenian thought. He analyzes Darwin's influence on Veblen and the relationship of Veblenian theory to habit instinct theory and philosophical pragmatism. Hodgson argues that Veblenians have Darwinian roots-a point that some original Institutional Economists would argue against. Personally, I agree with Hodgson but his assertions are bound to provoke some controversy (which is a good thing).
Hodgson argues that we (economists) should rethink the discipline and re-form it. We should use Veblen and Darwin as foundations. Bud Hodgson is not a Sociobiologist and he is not trying to biologize economics. He views culture as emergent and recognizes you cannot translate biological evolutionary models wholesale to economic evolution.
I recently heard a well known biologist state that Charlie Darwin was "Wall Street's kind of guy." I cringed when I heard this since it conjured up images of Darwinism providing biological cover for capitalism. Hodgson is no idealogue of the right or the left and eschews imposing politics on science, including the social sciences. But he definitely shows how Darwinism has influenced one of the most politically progressive thinkers in American history-Thorstein Veblen.
His views are extremely relevant. New Institutional Economists often ignore Veblen's contributions. Economics as a whole still tries to ape physics and there is much confusion among economists about what science is and is not.
My only criticism of Hodgson's book is probably unfair. His goal is to analyze the Veblenian tradition. So it is no surprise that he does not discuss other traditions in the original Institutional Economics such as Karl Polanyi's. Nor does he discuss the various evolutionary schools in economic anthropology. A discussion of these issues would have been of some interest to me. But then agaain, as I said, this is probably an unfair criticism of Hodgson given his stated goal of the book: to reexamine Veblen's contribution to economic thought and the relationship of Veblen to Darwin.
Taken as a whole I thoroughly enjoyed the book. I recommend it to any economist willing to look beyond constrained optimization problems. It will also interest (or should interest) anthropologists, sociologists, political scientists, or anyone interested in philosophical foundations of the social sciences and the relationship of the social sciences to Darwin and Darwinism.
Average customer rating:
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Evolution of Markets and Institutions A Study of an Emerging Economy (Routledge Studies in Development Economics)
Mur Patibandla
Manufacturer: Routledge
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ASIN: 0415339677 |
Book Description
The new institutional economics took its roots in the transaction cost theory of the firm as an economic organization rather than purely a production function. This idea has been developed further by scholars such as Oliver Williamson, Douglas North and their followers, which has led to the rich and growing field of the new institutional economics. This branch of economics stresses the importance of institutions in the functioning of free markets, which include elaborately defined and effectively enforced property rights in the presence of transaction costs, large corporate organizations with agency and hierarchical controls, formal contracts, bankruptcy laws, and regulatory institutions.
Murali Patibandla applies some of the precepts of the new institutional economics to India - one of the world's most promising economies.
Book Description
This volume explores the unanticipated consequences of emulating, importing, or imposing new institutional models without commensurate attention to the particular constellations of interests, identities, norms, and social relations embedded in local communities. Each chapter is organized around a common problematic that has received only limited attention in the literature on institutional change: the dilemmas of deploying the rules, practices, and design of institutions that have been imported or imposed from external environments in regions where actors are more familiar with and find more legitimate locally embedded norms, practices, social relations, and knowledge structures. The volume strives to illustrate the analytic power of the concept of ¿syncretism,¿ a concept that can be fruitfully deployed to analyze common aspects of institutional change not easily captured in existing frameworks.
Book Description
Bringing together a top flight set of contributors, this book considers the problems and prospects for creating trustworthy and reliable public institutions since the transition from socialism in Central and Eastern Europe. The focus is on "second generation" issues of democratic consolidation in states where the basic structures of the market and the state have been established. The contributors raise important issues, such as corruption and participation, largely neglected during the first stage of the transition and that are of growing importance as several countries in the region move toward entry into the European Union. Highlighting problems and prospects of democratization with comparative import to other newly democratizing areas, this volume draws on the experience of those who have lived through and studied the transition and contrasts their insights with those of generalist scholars who study government accountability and democracy.
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Commerce, Complexity, and Evolution: Topics in Economics, Finance, Marketing, and Management: Proceedings of the Twelfth International Symposium in Economic ... in Economic Theory and Econometrics)
Manufacturer: Cambridge University Press
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Binding: Hardcover
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ASIN: 0521620309 |
Book Description
Commerce, Complexity, and Evolution is a significant contribution to the new paradigm straddling economics, finance, marketing, and management, which acknowledges that commercial systems are evolutionary systems, and must therefore be analyzed using evolutionary tools. Evolutionary systems display complicated behaviors that are to a significant degree generated endogenously, rather than being solely the product of exogenous shocks, hence the conjunction of complexity with evolution. The papers in this volume consider a wide range of systems, from the entire economy at one extreme to the behavior of single markets at the other.
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Creating Social Trust in Post-Socialist Transition (Political Evolution and Institutional Change)
Manufacturer: Palgrave Macmillan
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Binding: Hardcover
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ASIN: 1403964491 |
Book Description
cOne of the central characteristics of socialist states and societies has been the absence of trust--between the state and the citizens, and then among citizens themselves. The process of developing trust is thus a major issue facing post-Socialist countries, and this book brings together a group of leading scholars to examine barriers to and bulwarks of trust in theoretical, cross-national, and topical perspectives. From the distinctive paradox of illegal organizations--such as the Mafiya--relying on trust within but undermining it without, to the effects of transparency, the authors examine the bases of trust and the effects of its presence or absence. Throughout the analysis is grounded in the interaction of individuals and their social, political, and economic environments.
Book Description
Tunisia has recently come to the attention to global strategic planners. This report puts these executives on the fast track. Ten chapters provide: an overview of how to strategically access this important market, a discussion on economic fundamentals, marketing & distribution options, export and direct investment options, and full risk assessments (political, cultural, legal, human resources). Ample statistical benchmarks and comparative graphs are given.
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- Multinational Business Finance, 10th Edition
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