Sufficient Reason: Volitional Pragmatism and the Meaning of Economic Institutions / Edition 1

Sufficient Reason: Volitional Pragmatism and the Meaning of Economic Institutions / Edition 1

by Daniel W. Bromley
     
 

ISBN-10: 0691124191

ISBN-13: 9780691124193

Pub. Date: 03/13/2006

Publisher: Princeton University Press

"In the standard analysis of economic institutions - which include social conventions, the working rules of an economy, and entitlement regimes (property relations) - economists invoke the same theories they use when analyzing individual behavior. In this book, Daniel Bromley challenges these theories, arguing instead for "volitional pragmatism" as a plausible way of…  See more details below

Overview

"In the standard analysis of economic institutions - which include social conventions, the working rules of an economy, and entitlement regimes (property relations) - economists invoke the same theories they use when analyzing individual behavior. In this book, Daniel Bromley challenges these theories, arguing instead for "volitional pragmatism" as a plausible way of thinking about the evolution of economic institutions. Economies are always in the process of becoming. Here is a theory of how they become." Bromley argues that standard economic accounts see institutions as mere constraints on otherwise autonomous individual action. Some approaches to institutional economics - particularly the "new" institutional economics - suggest that economic institutions emerge spontaneously from the voluntary interaction of economic agents as they go about pursuing their best advantage. He suggests that this approach misses the central fact that economic institutions are the explicit and intended result of authoritative agents - legislators, judges, administrative officers, heads of states, village leaders - who volitionally decide upon working rules and entitlement regimes whose very purpose is to induce behaviors (and hence plausible outcomes) that constitute the sufficient reasons for the institutional arrangements they create.

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Product Details

ISBN-13:
9780691124193
Publisher:
Princeton University Press
Publication date:
03/13/2006
Edition description:
New Edition
Pages:
256
Product dimensions:
6.20(w) x 9.30(h) x 0.80(d)

Table of Contents

Ch. 1Prospective volition3
Ch. 2The task at hand20
Ch. 3Understanding institutions31
Ch. 4The content of institutions43
Ch. 5Institutional change67
Ch. 6Fixing belief87
Ch. 7Explaining103
Ch. 8Prescribing and predicting115
Ch. 9Volitional pragmatism129
Ch. 10Thinking as a pragmatist155
Ch. 11Volitional pragmatism and explanation166
Ch. 12Volitional pragmatism and the evolution of institutions180
Ch. 13Volitional pragmatism and economic regulations199
Ch. 14Sufficient reason212

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