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Institutional Design and Public Policy: a Microeconomic Perspective
Kenneth McKenzie [pdf] [html]

[Key Words: institutional design, public policy, information costs, political markets, bureaucracy; public choice; JEL: D72, D73, D89]

This survey article provides a microeconomic perspective of institutional design and public policy, focusing on the way the relations between voters, politicians and bureaucrats produce efficients outcomes in public policy. It points out the relevance of information and monitoring costs, competition and the structural features of institutions in the search of efficient results, and the way social scientists explain the failures of the political and burocratic markets.

The Genealogy of Liberalism: an Economic Reading of Locke´s Second Treatise of Government
Mauricio Pérez Salazar [pdf] [html]

[Key Words: John Locke, political society, individual freedom, consent, civil government, liberalism; JEL: B19, H89)

This paper presents an interpretation of John Locke’s theory of political society. After reviewing the differences between Locke‘s and Hobbes‘ ideas of individual, government and the importance of a rational discussion about the construction of political society, the article shows the role of individual freedom and consent as basis for explaining the situation of men in political society. The analysis of Locke´s social contract shows how the creation of government is the outcome of the search for economic efficiency, because it permits the reduction of transaction costs or what Locke calls “the inconveniences of the state of nature".

Monopolistic Rents in the Price System
Homero Cuevas [pdf] [html]

[Key Words: monopolistic rents, imperfect competition, price system, general equilibrium; JEL: D42, D59, D72, D89)

This paper seeks to point out and to correct some mistakes of the conventional theory of imperfect competition based on partial equilibrium analysis. It extends to imperfect competition the classical model of general equilibrium, signaling the interconnections between individual prices and between these and macroeconomic aggregates.

Institutional Economics and Economic Science
Jaime Lozano [pdf] [html]

[Key Words: institutional economics, Walrasian economics, economic order; JEL: B52, B53, B59, B49]

This article presents a comparative analysis of the approaches of institutional economics and Walrasian economics. After reviewing the differences between both perspectives, it argues that institutional economics is an alternative, however incomplete, to general equilibrium economics. It compares the way both tendencies conceive the individual, knowledge, efficiency and the economic order, to point out the differences. Some methodological discussion derived from these differences is indicated.


Revista de Economía Institucional
Universidad Externado de Colombia
Cra. 1 No. 12-68 Casa de las Mandolinas
Bogotá, Colombia
(571) 2826066 ext. 1307

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