The Institutional Economy

Demand and Supply

David Reisman, Professor Emeritus of Economics, University of Surrey, UK and Senior Associate, Centre for Liberal Arts and Social Sciences, Nanyang Technological University, Singapore

This thorough and comprehensive book examines the role that institutions play in economic life. The discussion begins with common values, shared traditions and individual habits which have their roots in the past. It goes on to consider consumer preferences, needs and wants, altruism, malevolence, intrinsic motivation, organisational memory and the social capital that is embedded in networks and communities. Its conclusion is that there is a case for a broadly-based economics which is a science of norms and standards as well as a theory of prices and costs. Culture is continuity and pattern. Precisely the same is true of supply and demand.

‘This book is well structured and easy to follow, even though it deals with difficult material. It deserves to be read by all who are interested in escaping the narrow boundaries of current mainstream economics.’
– Anna Soci, Review of Political Economy