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ABSTRACTS

 

REVISTA DE ECONOMÍA INSTITUCIONAL No. 8, FIRST SEMESTER 2003

The Political Economy of Social Exclusion in Colombia
Luis Jorge Garay [pdf] [html]

[Key words: social exclusion, economic development, democracy, social transformation, JEL: E69, O10, O29]

Colombia is a society with grave problems of social exclusion. However it is possible to work toward social inclusion if the political and economic forces of the country restructured democratically. It is necessary to create a comprehensive system of social protection and social security, adjust public finances, establish justice and defense as the two pillars of a state based on law enforcement, work toward economic and political democratization, without interrupting the development of the market regime with appropriate regulation of the State. It is only possible to construct a political, economical and social democracy with a profound social transformation.

New Theories and Conceptual Approaches on Regional Development: ¿Towards a New Paradigm?
Édgard Moncayo Jiménez [pdf] [html]

[Key words: regional development, economic geography, territory, economic growth, JEL: 018, R12, R19]

Space, geography and territorial organization have gained importance in recent studies on economical and political development. This reveals a (re)territorialization of the theoretical approaches of development. This paper systematically studies new theories of economic growth, analysis of State transformation, neoinstitutionalist approaches and the environmental perspective. Though these theories come from different disciplines, they converge in a new paradigm of development. In this new approach, the territory is not considered a receptacle-perimeter of productive activities and sociopolitical process, but as an explanatory element of development.

Institutional Changes of the Russian Economy: From Market Policies to Monetary Consolidation
Isabel Pla Julián [pdf] [html]

[Key words: economic transition, monetary markets, barter economy, JEL: E42, L22, P26, P39]

The main characteristic of the transition from a planned to a market economy in Russia has been the barter economy. Firms are using non-monetary transactions as a result of the scarcity of the means of payment and as a means to avoid taxes and reduce fiscal obligations. The barter economy is a rational mechanism of survival and protection from new market reforms, and for taking advantage of the networks inheritated from the centralized period. This non-monetary functioning of the Russian economy has increased the costs of the economic system and new market economy reforms concentrated on monetary consolidation haven’t produced the expected results, because public polices were not credible and policy makers didn’t anticipate the appearance of new firms in the transition period.

Original Institutional Economics and New Institutional Economics: Revisiting the Bridges (or the Divide)
Jairo Parada [pdf] [html]

[Key words: New Institutional Economics, Original Institutional Economics, neoclassical economics, evolutionary economics, JEL: E11, E13, E19]

The purpose of this paper is to present the main differences between New Institutional Economics, NIE, and Original Institutional Economics, OIE, and to question some of the proposals that call for the gap between the two approaches to be bridge. This does not preclude the possibilities of a dialogue. Without ignoring some important theoretical developments in North’s work, the author claims that NIE is a school that operates in the periphery of the neoclassical economics paradigm, and shares its ontological and methodological foundations; however these are very different from the evolutionary (Darwinian) economics of Thorstein Veblen. Though the task of integrating the OIE and NIE seems impossible following the road of eclecticism, a dialogue between them could open new perspectives and enrich institutional economics.

Institutions, Transaction Costs and Public Policy: A Perspective
Xosé Carlos Arias y Gonzalo Caballero [pdf] [html]

[Key words: economic models, public policies, transaction costs, rules, commitments, JEL: D72, D23, L14]

Recently a new approach to political economy has been consolidated. The political analysis of transaction costs is an attempt to solve some of the problems which arise in economic theories of public policy. This paper deals with the notions of transaction costs, institutional efficiency, governance structures and commitment value; and defines political interchange as political contracts. Political transactions have high transaction costs and the efficiency of the “political market" requires a democratic system with institutions that favour reasoned decisions and prevents democratic delegation from becoming abdication. This article surveys literature with a transaction cost perspective and shows that it has been very useful for the theoretical explanation of the role of political agents and the evolution of rules that guide their interaction. The main challenge is to provide empirical evidence to the theoretical proposals.

Interpersonal Comparisons and the Evaluation of Alternative Social States
Andrés Fernando Casas, Darwin F. Cortés y Luis Fernando Gamboa [pdf] [html]

[Key words: welfare economics, alternative social states, interpersonal comparisons, JEL: D60, D63, I39]

This document outlines the basic concepts of economic theory that are used to evaluate alternative social states, based on the formulation of a social welfare function that either permits or denies interpersonal comparisons of utility. Specially, it shows different approaches of old and new welfare economics. And concludes that Amartya Sen’s contribution to the concept of welfare as functioning and of justice as capacity to choose among different functionings, makes it possible to consider agents differently and to evaluate alternative options of life conditions.

Two Sides of Entrepreneurship: Towards the Need to Distinguish Between a Popular Label
Dieter Bögenhold [pdf] [html]

[Key words: entrepreneurship, self-employment, economic policy, service sector trends, labour market, JEL: D29, J49, L89]

Entrepreneurship has become a prominent and strategically important issue when talking about the driving forces of prosperity and job creation. However, entrepreneurship seems to be poorly defined. The paper studies central assumptions by questioning what many contemporaries take for granted. The paper shows that it is necessary to define the term “entrepreneurship". Recent arguments should distinguish the difference, sometimes contradictory, between the phenomenon of dynamic fast growing firms and that of the emergence of new microenterprises of the self-employed that have neither the intention nor the possibility of growing. Economic policy debate should specify more precisely what is really meant when talking about entrepreneurship.

 
 



Revista de Economía Institucional
Universidad Externado de Colombia
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Bogotá, Colombia
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ecoinstitucional@uexternado.edu.co

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