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Understanding Poverty$
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Abhijit Vinayak Banerjee, Roland Bénabou, and Dilip Mookherjee

Print publication date: 2006

Print ISBN-13: 9780195305197

Published to Oxford Scholarship Online: September 2006

DOI: 10.1093/0195305191.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 25 July 2021

Nonmarket Institutions

Nonmarket Institutions

(p.389) 26 Nonmarket Institutions
Understanding Poverty

Kaivan Munshi

Oxford University Press

The pervasiveness and persistence of nonmarket institutions in developing economies demand an explanation from economists. This essay describes what has been learned about these institutions: why they emerge, why they persist, the inefficiencies that are associated with their presence, and how the presence of these institutions might affect the design of development policy. These institutions serve a useful purpose when markets function imperfectly. At the same time, the restrictions on individual behavior within these institutions may leave the community ill equipped to respond to a changing world. This, in turn, suggests a role for policy. How external interventions can help move the community out of its traditional equilibrium when the economic environment changes is discussed.

Keywords:   developing economies, information, social learning, economic development, imperfect market, community, intervention

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