Linking “adaptive efficiency” with the basic market functions

A new analytical perspective for institution and policy analysis

Datos Bibliográficos

ID13012576
AutoresLigang Song (0000-0002-5700-2352, Australian National University, autor de correspondencia), Chérie Simpson (0000-0003-0459-8241, Australian National University)
Año2018
Volumen5
Número3
Páginas544-557
Fecha de publicación2018-05-23
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaAsia & the Pacific Policy Studies (JOURNAL)
Identificadores de la revistaISSN: 2050-2680 • E-ISSN: 2050-2680
EditorialWiley (PUBLISHER • GB)
DOI10.1002/app5.249
OpenAlexW2803795737
IdiomaEN
Referencias citadas25

This conceptual paper develops a new perspective linking the concept of “adaptive efficiency” with the allocative, discovery and creative functions of the market from an institutional perspective. The efficacy of the adaptive efficiency of market functions in improving economic performance is proposed to be measured by changes in transaction costs. This perspective enables an analysis of the independent and interrelated effects of these functions, provides a more complete understanding of entrepreneurial activities and the efficient allocation of resources, better deals with the central problems of economic system and organisation, namely, adaptation and the coordination of knowledge, and has useful implications for public policy

Adaptation (eye · Allocative efficiency · Complex adaptive system · Database transaction · Economic system · Economics · Industrial organization · Institution · Management science · Market economy · Microeconomics · Perspective (graphical · Public economics · Resource allocation · Sociology · Transaction cost · Computer Science · Economic Growth and Productivity · Economic theories and models · Economic Theory and Institutions