The Institutional Economy: Demand and Supply

The institutional economy is the economy of rules and laws, conventions and precedents. It is prices but also practices, change but also constancy, individual but also interdependence. David Reisman argues that conformity and repetition as well as new initiatives and mould-breaking departures constitute the essence of supply and demand.

This thorough and comprehensive book examines the role that institutions play in economic life. The discussion begins with common values, shared traditions ...