Markets and Organization
Market economy has become today the predominant economic system in the world. One of the tasks of the book is to define analytically the essential features of a market economy. The other purpose is to investigate the very working of a market economy which
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Richard Arena Christian Longhi (Eds.)
Markets and Organization With 20 Figures
,
Springer
Richard Arena Christian Longhi LATAPSES-CNRS 250 rue A. Einstein Sophia Antipolis 06560 Valbonne France
Cataloging-in-Publication Data applied for Die Deutsche Bibliothek - CIP-Einheitsaufnahme Markets and organization / R. Arena; Christian Longhi (ed.). - Berlin; Heidelberg; New York; Barcelona; Budapest; Hong Kong; London; Milan; Paris; Santa Clara; Singapore; Takyo: Springer, 1998 ISBN-13: 978-3-540-63810-0 DOl: 10.10071978-3-642-72043-7
e-ISBN-13: 978-3-642-72043-7
This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and per~ mission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. ., Springer-Verlag Berlin· Heidelberg 1998 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover Design: Erich Kirchner, Heidelberg SPIN 10656340 43/2202-5 4 3 2 1 0 - Printed on acid-free paper
Contents Introduction Richard Arena, Christian Longhi
Part 1. « What is a Market Economy? » Consumer Sovereignty
23
Dominique Torre
« Free» Enterprise
43
Mario Amendola, Jean-Luc Gaffard
Free Market
61
Bruna Ingrao
Free Competition .
95
Christian Longhi, Alain Raybaut
The Invisible Hand
125
Martin Currie
Laissez-Faire
141
Sergio Bruno
Part 2. « How Does it Work ? » Information, Institution, and Evolution New Institutional and New Keynesian Economics
171
Martin Currie, Marcello Messori Evolutionary Theories Giovanni Dosi, Richard R. Nelson
205
Firms as Organizations Theories of the Firm
237
Jackie Krafft, Jacques-Laurent Ravix
Property and Control
263
Ludovic Ragni
Organizational Competencies and the Boundaries of the Firms
281
Giovanni Dosi, David J. Teece
Innovative Behaviour
303
Stephane Ngo Mai; Michel Quere
Financing the Firm Christian Longhi
323
vi Contents
Markets as Institutions Auction Markets . Jean-Pierre Daloz Product Markets . Stephane Ngo Mai; Frank Sosthe Service Markets Jacques De Bandt Credit Markets Nadine Levratto Financial Markets . Gerard Mondello Labour Market(s) . Paolo Piacentini International Markets Diane Elson
349 367
381 399 421
435 463
Competition and Cooperation Product Differentiation Pier Paolo Saviotti Regulation and Deregulation Vera Amendola, Sergio Bruno Competition Policy
