Market versus government in the light of the discussion about path dependence Cover Image

Rynek versus państwo w świetle dyskusji o path dependence
Market versus government in the light of the discussion about path dependence

Author(s): Joanna Dzionek-Kozlowska
Subject(s): Economic history, Economic policy, Government/Political systems, Political economy, Financial Markets
Published by: Wydawnictwo Naukowe Uniwersytetu Mikołaja Kopernika
Keywords: Market versus government; path dependence; efficiency of the market;

Summary/Abstract: In the 1980s Brian Arthur and Paul David proposed methods which made it possible to grasp the phenomenon of path dependency on the ground of economic theory. Their proposal opened still ongoing discussion on that phenomenon as well as on the concepts presented by respected scholars. One of the most interesting and frequently commented on questions is the problem of the consequences of path dependency for the market. Arthur and David led the attention of economists on the marginalized or even unrealized possibility of dissemination of worse, less effective solutions (technologies) in a free market economy. The classical example of such a situation is the common use of the QWERTY keyboard. The existence of such cases was seen as a failure of the market, so that concept made a challenge for the economists and the politicians being supporters of market economy.

  • Issue Year: 6/2010
  • Issue No: 1
  • Page Range: 87-100
  • Page Count: 14
  • Language: Polish