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