Collective Order and Regional Development: Social and Cultural Regulation of Local Economic Systems
The general equilibrium market model of neoclassical economics asserts that the most economically efficient allocations can be achieved when competition is decentralised and when economic systems possess the same demands, supplies, and prices. However, competition and the status of markets are already determined by an underlying framework of institutions and conventions. Also, competitions and markets do not work exactly as the neoclassical model said it would. Regulationist theory looks into how economic governance institutions are established in relation to technology systems, production and labor relations, income distribution across various social groups and classes, and aggregate demand. This chapter focuses on creating policies and regulations that suit changes in economic setups while considering socially agreed-upon standards of well-being.
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