Allocation of Economic Competence in Teams: A Comparative Institutional Analysis

Arbeitspapier

Attention is called to a little explored scarce resource, termed 'economic competence', which combines features of human capital and bounded rationality, and causes a singularity in resource-allocation in society. The performance of each economy is shown to strongly depend on how this resource is allocated, which in turn strongly depends upon the economy's institutions ('rules of the game'). Two stylized institutional variants of market selection and one of government selection are compared for their short-term and long-term effects upon the output and growth of a perfect team economy. The results are exemplified by throwing new light on the social value of financial markets and the limitations of industrial policies.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: IUI Working Paper ; No. 480

Classification and Topics

• Classification: Wirtschaft ; Production and Organizations: General ; Structure and Scope of Government: General ; Industrial Policy; Sectoral Planning Methods ; Economic Growth and Aggregate Productivity: General ; Comparative Analysis of Economic Systems
• Subject: Economic competence ; Human capital ; Bounded rationality ; Institutions ; Entrepreneurs ; Investors ; Government ; Market selection ; Financial Markets ; Industrial policies ; Institutionalismus ; Humankapital ; Beschränkte Rationalität ; Arbeitsgruppe ; Theorie

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Pelikan, Pavel
• Event: Veröffentlichung
• (who): The Research Institute of Industrial Economics (IUI)
• (where): Stockholm
• (when): 1997

Further information

• Handle: http://hdl.handle.net/10419/94810
• Last update: 10.03.2025, 11:46 AM CET