Socio-psychological aspects of market exchange in institutional economy Cover Image
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Социалнопсихологически аспекти на пазарната размяна в институционалната икономика
Socio-psychological aspects of market exchange in institutional economy

Author(s): Teodor Sedlarski
Subject(s): Economy
Published by: Институт за икономически изследвания при Българска академия на науките
Keywords: JEL: A12; B52; B41; P16

Summary/Abstract: This article summarizes some unorthodox aspects of the institutional approach to the markets as social structures (institutions). Demonstrated is the possibility to extend the new institutional analysis, based on the concepts of formal and informal rules, property rights, transaction costs, limited rationality and social networks, considering the role of social phenomena such as power, status competition and cognitive challenges of the greater selection opportunities. The conclusions of the proposed extended institutional approach are related to the problem of the long-term sustainability of the market society.

  • Issue Year: 2014
  • Issue No: 1
  • Page Range: 95-114
  • Page Count: 20
  • Language: Bulgarian