An Economic Response to “Why Inefficient Institutions Always Exist?” from the Micro-Perspective

Dai, Darong (2012): An Economic Response to “Why Inefficient Institutions Always Exist?” from the Micro-Perspective. Forthcoming in: Accepted by Review of New Political Economy.

Abstract

As is well‐known,“foot‐binding”,regarded as an inefficient institution owing to its great harm to the women’s body and mind, existed and lasted for a very long period in the history of China. Furthermore, we are faced with the general question: why so many inefficient institutions in reality exist and persist? And this investigation is motivated to provide us with an economic explanation from micro‐perspective. Based upon some necessary assumptions and the definition of meta‐institution, it is argued in a simple mathematical model that equilibrium solution will always be inefficient institution even though the institutions themselves will experience various changes.

• Item Type: MPRA Paper
• Language: Chinese
• Keywords: Meta-institution;Social net-welfare;Economic equilibrium
• Subjects: D - Microeconomics > D1 - Household Behavior and Family Economics > D13 - Household Production and Intrahousehold Allocation; D - Microeconomics > D3 - Distribution > D31 - Personal Income, Wealth, and Their Distributions; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B52 - Institutional ; Evolutionary

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