Institutions and neoclassical price theory Las instituciones y la teoría neoclásica de los precios
The Neoclassical price system has been presented and critiqued asif it were an abstract system without institutions. Ronald Coase proceeds this way to conclude that institutions are an advanced topicof economists' theoretical reflection. This article shows that theprice system in mainstream neo...
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| Format: | Article |
| Language: | English |
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Universidad Nacional de Colombia
2000-06-01
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| Series: | Cuadernos de Economía |
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| Online Access: | http://www.revistas.unal.edu.co/index.php/ceconomia/article/view/10850 |
| Summary: | The Neoclassical price system has been presented and critiqued asif it were an abstract system without institutions. Ronald Coase proceeds this way to conclude that institutions are an advanced topicof economists' theoretical reflection. This article shows that theprice system in mainstream neoclassical theory assumes two implicit institutions: the auctioneer and a clearinghouse for payments. Thusit is not valid to criticize the theory for its abstract characteror for the absence of institutions, but rather for being a price system which functions in a centralized manner.<br>El sistema neoclásico de precios se presenta y critica como si fuera<br />un sistema abstracto Y sin instituciones. Así lo hace Ronatd Coase<br />para concluir que las instituciones son un tema avanzado de la reflexión teórica de los economistas. Este artículo muestra que el<br />sistema de precios de la teoría neoclásica central presupone dos<br />instituciones implícitas: el subastador y la caja de compensación<br />de pagos; de modo que no es válido criticarlo por su carácter abstracto o por la ausencia de instituciones sino porque es un sistema de precios que funciona de manera centralizada. |
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| ISSN: | 0121-4772 |