TL;DRAbstract
Information from field work, assembled in the light of conceptual truths, will present a picture of how economic institutions work, and what their functions are. It will also enable us to understand how people occupying positions in those institutions are likely to behave, and why. A preliminary analysis led to a general conclusion, one that will be explored in detail in later chapters, that the function of the market is not to allocate scarce resources efficiently – markets are often wasteful – but is rather to force innovation through competition, and to select and support the winners. This, in turn, implies that the way economic institutions work will evolve over time.
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Information from field work, assembled in the light of conceptual truths, will present a picture of how economic institutions work, and what their functions are. It will also enable us to understand how people occupying positions in those institutions are likely to behave, and why. A preliminary analysis led to a general conclusion, one that will be explored in detail in later chapters, that the function of the market is not to allocate scarce resources efficiently – markets are often wasteful – but is rather to force innovation through competition, and to select and support the winners. This, in turn, implies that the way economic institutions work will evolve over time.
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