Hierarchies, Markets and Power in the Economy: An Economic Perspective
Hierarchies, Markets and Power in the Economy: An Economic Perspective
This chapter adopts the transaction cost economics perspectives for purposes of examining hierarchies, markets, and power in the economy. Transaction cost economics works out of an economizing perspective in which markets and hierarchies are alternative modes of governance, and the object is to ascertain which transactions go where and why. The role of power in this setup is strictly limited — partly because it is tautological. Power needs to be operationalized, whereupon the refutable implications that accrue to this perspective can be derived.
Keywords: transaction cost economics, hierachies, markets, power
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