This volume collects 22 articles by Masahiko Aoki, selected from writings published over the course of his 45-year academic career. These fascinating essays cover a range of issues, including mechanism design, comparative governance, corporate governance, institutions and institutional change, but are tied together by a focus on East Asia and a comparative institutional framework.
This article first provides a game-theoretic, endogenous view of institutions and then applies the idea to identify the sources of institutional trajectories of economies development in China, Japan, and Korea. It stylises the Malthusian phase of the East Asian economies as a peasant-based economies in which small conjugal families self-managed their working times between farming on small plots—leased or owned—and handcrafting for personal consumption and markets. It then compares institutional arrangements across these economies that sustained otherwise similar economies.
This paper analyzes the causes, responses, and consequences of the Fukushima nuclear power plant accident (March 2011) by comparing these with Three Mile Island (March 1979) and Chernobyl (April 1986). We identify three generic modes of organizational coordination: modular, vertical, and horizontal. By relying on comparative institutional analysis, we compare the modes' performance characteristics in terms of short-term and long-term coordination, preparedness for shocks, and responsiveness to shocks.
This volume explores how complex economic transactions can be treated in economics, as well as how societies bring order to complex economic and social transactions through various institutional devices. Bringing together eminent scholars from the fields of game theory, complexity, econometrics and law, it explores theoretically and empirically how markets, social norms, and corporate organization and governance evolve, and how these institutions affect economic behavior. The contributors include, besides the editors, S. Cincotti, M. Gallegatti, M. Kandori, K. Pistor, B. Skyrms, R.
This book explores why different patterns of economic development and growth have been observed across different regions and over time. Drawing on the contributions of outstanding scholars in comparative and historical institutional analysis, this volume presents the roles of political institutions, social organizations and norms, culture, and policy in economic development and societal evolution. The contributors include, besides the editors, G. Austin, A. Greif, D. Ma, T. Khanna, J.L. Rosenthal, C.H. Shiue, J. Svenjinar, P. Temmin, R.B. Wong, and others.
This volume explores fundamental macroeconomic and financial issues of today from fresh perspectives. Bringing together leading scholars and practitioners in the fields, it analyzes the light that the recent crisis has shed on the global macro economy, sectoral structure and financial architecture, and proposes policies needed to address systemic financial risks and foster a sustainable growth. It also explores the measurement of economic and social progress in our societies, and proposes new frameworks to integrate economic dimensions with other aspects of human wellbeing.
China has enjoyed a higher growth rate for a longer period than any other nation to date, but a new consensus is emerging that China is now facing a crucial turning point. This volume is unprecedented in bringing together leading economists from China and the rest of the world to analyse the sources of economic growth, examine its changing conditions for future development, and suggest desirable policy and institutional reforms.
This paper adopts a unified approach to an understanding of the development processes of the East Asian economies, Chinese, Japanese and South Korean, in terms of common five phases starting with Malthusian equilibria and extended to forthcoming post-demographic transitions characterized by the shrinkage of the working-age group share in the population. Notwithstanding of the basic commonality, however, there are also marked differences among the East Asian economies in the timing of turning points, durations, and substantive forms of the phases.
The 2008–2009 financial crisis demands we look anew at the role of corporations, and the working of financial markets around the world. In this challenging and insightful book, one of our most eminent economists provides a compelling new analysis of the corporate firm; the role of shareholders, managers and workers; and institutional governance structures.