Đề cương Kinh tế thể chế

1. Concept of institutions: institutions are the rules of the game in a society or constraints that shape human interaction. (quy định của các trò chơi trong xã hội, định hình phản ứng của con người) - Example: Rules everywhere: customs, ethical norms, good manners, conventions in matters of trade (cụ thể hơn?) 2.The role of institutions: + Reducing uncertainty by providing a stucture to everyday life + Shaping human interaction, so that when we wish to greet friends on the street, drive an automobile, buy oranges,…. We know how to perform these tasks. + Structuring incentives in human exchange, wether political, social, or economic. - Characteristics of institutions + Both formal and informal • Formal constraints: rules that human beings devise (luật lệ mà con người nghĩ ra) • Informal constraints: conventions and codes of behavior (quy ước và quy tắc ứng xử) + Institutions may be created, or they may simply evolve over time. + Institutional constraints include: • What individuals are prohibited from doing and under what conditions some individuals are permitted to undertake certain activities • Punishment is enacted when the rules and informal codes are violated + Institutional change shapes the way societies evolve through time and hence is the key to understand historical change - Kinh tế thể chế là tác động của thể chế lên các hành vi kinh tế (The impact of institution on economic behaviours)

1 Concept of institutions: institutions are the rules of the game in a society or

constraints that shape human interaction (quy định của các trò chơi trong xã hội, định hình phản ứng của con người)

- Example: Rules everywhere: customs, ethical norms, good manners, conventions in matters of trade (cụ thể hơn?)

2.The role of institutions:

+ Reducing uncertainty by providing a stucture to everyday life

+ Shaping human interaction, so that when we wish to greet friends on the street, drive an automobile, buy oranges,… We know how to perform these tasks.

+ Structuring incentives in human exchange, wether political, social, or economic.

- Characteristics of institutions

+ Both formal and informal

 Formal constraints: rules that human beings devise (luật lệ mà con người nghĩ ra)  Informal constraints: conventions and codes of behavior (quy ước và quy tắc ứng

+ Institutions may be created, or they may simply evolve over time + Institutional constraints include:

 What individuals are prohibited from doing and under what conditions some individuals are permitted to undertake certain activities

 Punishment is enacted when the rules and informal codes are violated

+ Institutional change shapes the way societies evolve through time and hence is the key to understand historical change

- Kinh tế thể chế là tác động của thể chế lên các hành vi kinh tế (The impact of institution on economic behaviours)

3 Why institutions matter for economic growth?

Institutions affect the performance of the economy by their effect on the costs of exchange and production Together with the technology employed, they determine the transaction and transformation (production) costs that make up total costs.

Economic institutions matter for economic growth because they shape the incentives of key economic actors in society, in particular, they influence investments in physical and human capital and technology, and the organization of production Although cultural and geographical factors may also matter for economic performance,

differences in economic institutions are the major source of cross-country differences in economic growth and prosperity

Institutions can have a significant impact on economic growth by providing a stable and predictable environment for businesses to operate in Well-functioning institutions can reduce transaction costs, promote investment, and encourage innovation, all of which can lead to faster economic growth.

One example of how institutions can affect economic growth is the case of South Korea In the 1960s, South Korea was one of the poorest countries in the world with a GDP per capita of just $100 However, the government implemented a series of institutional reforms that helped to create a stable and predictable business

environment These reforms included the establishment of an independent judiciary, improved property rights protection, and the deregulation of markets.

As a result of these reforms, South Korea experienced rapid economic growth, with its GDP per capita increasing to over $30,000 by 2020 The country also became a leader in industries such as electronics and automobile manufacturing, which helped to further drive its economic growth.

This example highlights the importance of institutions in promoting economic growth By creating a stable and predictable business environment, institutions can encourage investment, innovation, and entrepreneurship, which can lead to sustained economic growth over the long term.

4 Why do firm exists? (vì nó sx đc 1 lượng đầu ra lớn hơn vs mức chi phí giao dịch

thấp hơn?)

 By combining in an organization, people can produce relatively greater output than they could if they operated as independent agents coordinated only by a series of transactions across markets.

 individuals have private objectives that are often in conflict with collective interests of the firm.

-> Thus, a key problem for organizational and institutional economics is to determine how to motivate individuals so that they will, in fact, work toward collective interests and make the firm successful.

 "The main reason why it is profitable to establish a firm would seem to be that there is a cost of using the price mechanism" (or market mechanism)

 Two types of transaction costs.

 search costs="the costs of discovering what the relevant prices are"  contracting costs="the costs of negotiating and concluding a separate

contract for each transaction which takes place on a market".

 If a firm is formed, the number of contracts that have to be concluded between parties is greatly reduced

 The care of a productive factor is not required to make a separate contract with others with whom he is cooperating in the firm

 Rather he concludes only one contract with the entrepreneur, whose directions he agrees obey exchange for a stipulated reward

 The contract between a factor owner and the entrepreneur is established in rather general terms

 This is because the future cannot be foreseen perfectly, and provision for some flexibility in contract terms is beneficial to enterprise productivity and hence to both parties.

5 Thế nào là giao dịch? Thế nào là chi phí giao dịch (Transaction cost)? Ví dụ?

a) In institutional economics, a transaction is defined as an exchange of goods,

services, or assets between two or more parties Transactions are said to be embedded in institutions, which are the rules, norms, and conventions that govern economic activity.

* Bài giảng:

“A transaction occurs when a good or service is transferred across a technologically separable interface One stage of activity terminates and another begins”

The term is restricted to situations in which resources are actually transferred in the physical sense of “delivery”.

- It can be seen as resulting largely from the division of labor Such delivery may occur within firms or across markets

- Thus, it is possible to speak of internal and external transactions (or of intrafirm and market transactions)

“Transactions are the alienation and acquisition between individuals of the right of future ownership of physical things”

Again, the definition deals with the transfer of resources but now in the legal sense: the transfer of property rights.

b) Transaction costs are the costs associated with carrying out a transaction There are 3 types of transaction costs:

- the costs of using the market (market transaction costs)

- the costs of exercising the right to give orders within a firm ( managerial transaction costs)

- the costs associated with the running and adjusting of the institutional framework of a polity (political transaction costs)

Example: search and information costs, bargaining and decision costs, and policing and enforcement costs … (cụ thể hơn: đi mua xe đạp, phí tìm hiểu và mặc cả cx là 1 dạng chi phí giao dịch)

6 Các dạng hợp đồng, ví dụ? Mô tả thái độ cơ hội trc và sau kí kết hợp đồng?

- Contract = “The legal effects of promises” • A promise is as a commitment to act later - Types of contracts:

Agency-contract theory (chủ và người làm thuê)

- Which is concerned particulary with the problem of asymmetric information

possessed by the parties to the contract.

Self-enforcing agreements or implicit-contract theories (thỏa thuận tự thực thi)- Which deal with difficulties that arise because agreements are not enforceable

or are not perfectly enforceable

Relational contract or incomplete-contract theories (hợp đồng quan hệ)

- Which deals with complex long - term relationships with transaction-specific

investments and are subject to the possibility of ex-post opportunism.

 i.e, the seller usually knows more about his product than the buyer does, and as a result "bad" product may drive out "good" product

( asymmetric

information) Workers know their abilities better than most

information Tự cho thêm ví dụ thực tiễn vào mỗi loại

6 So sánh giống và khác nhau giữa market và firms? (đều là organizations)

- The organizations "firm" and "market" are special cases of private collective actions - Individuals cooperate on the basis of freely concluded formal contracts (hợp đồng cứng : formal contracts) by protected law (các cá nhân tương tác vs nhau qua những hợp đồng cứng)

- They also cooperate on the basis of informal, self-enforcing, or otherwise protected relational contracts (ko formal) (given the constitutional and the general operational rules).

- It is useful for individuals to have some trust in each other's word.

 In the absence of trust, many opportunities for mutually beneficial cooperation would have to be foregone.

- To make promises trustworthy, credible commitments need to be established  This is unproblematic if agreements can be made binding by the courts, but

such court- assured solutions are difficult to bring off in many relational contracts.

→ Judicial solutions have to be substituted for by private ordering (định nghĩa, vì sao cần dùng và lấy ví dụ).

7 Điểm chung giữa firm, state và market?

- đều được coi là institutions/ organizations

- Organizations are generally understood as socially structured groups of individuals who seek to achieve common goals

-> Firms, markets, and states are organizations in this sense

• Firm: such common goals are, i.e, to secure the parties' transaction- specific investments, to maximize the owners' income.

• Market a means for increasing the utility of those who participate in it.

• State: a major common goal is to supply a certain level of public goods and to raise enough taxes for this purpose.

But in IE context, an organization is a network of (more or less) relational contracts whose purpose is to regulate economic transactions (including transactions in in formation) between individual members of the organization.

8 Khái niệm về relational contracts (hợp đồng quan hệ)? Định nghĩa, vai trò gì trong nghiên cứu thể chế?

• Relational contracts can be understood as contracts that do not try to take account of all future contingencies but are nevertheless long-term arrangements

Often contracts are necessarily and intentionally incomplete because of mutual desires for flexible

- The parties are not strangers

- Much of their interaction takes place “off the contract”, mediated not by visible terms enforceable by a court, but by a particular balance of cooperation and coercion, communication and strategy (“soft” mechanism)

- Personal relations among the contractual parties matter

- Contract litigation arises in only a relatively small group of cases

→ The concept of the relational contract is used to explain cooperation between

individuals in a world with unforeseeable events.

- Relational contracts between individuals may be bilateral or multilateral.- Bilateral cooperation between buyer and seller in a market exchange or- Multilateral cooperation (joint/ collective actions) between two or more

individuals forming a firm, a market or a State.

The relational contracts are “administered” or “governed” by different institutional arrangements: markets and “hiearchies” or anything in between.

A relational contract: Why?

- In the actual world with transaction costs and decision makers having limited

cognitive capacity

- Every transactions are carried out within specific organizational structures in

which personal relationships play an important role.

- In other words, these social structure are networks of more or less relational

contracts between individuals.

The concept of relational contracts is applicable of all relationships of an economy Relational contracts is the basis of instutions ? (nền tảng của thế chế Cả markets, firms và states đều là organization/ institutions An organization is a network of relational contracts whose purpose is to regulate economic transaction between individual members of the organization.)

Có thể nói thêm về vai trò của relational contracts trong cả 3 cái

9 Phân biệt giữa public và private ordering? Khi nào dùng private ordering, lấy ví dụ? Khi nào thì 2 cái thay thế đc cho nhau?

* Public ordering refers to the legal rules and regulations that are established by the government or other public authorities to regulate society Private ordering refers to

the rules and regulations that are established by private individuals or organizations to regulate their own affairs

 Public ordering is often used to regulate markets, such as the financial market or the healthcare market.

 Private ordering is often used to govern relationships between businesses, such as contracts between suppliers and customers.

 Public ordering can be used to supplement private ordering, such as when government regulations are used to enforce private contracts.

 The choice between public and private ordering depends on a number of factors, including the nature of the economic activity, the level of uncertainty, and the cost of enforcement.

Types of Private Ordering:

* Private ordering can be used instead of public ordering in a number of situations Here are some common examples:

 When the parties to a transaction have a high level of trust If the parties to a transaction trust each other, they may be able to reach an agreement without the need for government regulation For example, businesses that have been

working together for many years may be able to develop their own set of rules and regulations that govern their relationship.

 When the transaction is complex or specialized In some cases, the transaction may be so complex or specialized that it is not practical for the government to regulate it For example, the financial markets are highly complex and

constantly changing It would be difficult for the government to regulate the financial markets in a way that is both effective and efficient.

 When the transaction is likely to be more efficient if it is governed by private ordering In some cases, private ordering may be more efficient than public ordering For example, businesses may be able to reach an agreement more quickly and easily if they are not subject to government regulation.

* Example: - Public ordering

 Government regulation of the financial markets The government regulates the financial markets to protect consumers and to ensure fair competition For example, the government requires banks to hold a certain amount of capital in reserve to protect depositors in the event of a bank failure.

 Government regulation of the healthcare market The government regulates the healthcare market to protect consumers and to ensure access to affordable healthcare For example, the government requires health insurance companies to cover certain essential health benefits.

 Government regulation of the environment The government regulates the environment to protect public health and to preserve natural resources For example, the government requires businesses to obtain permits before they can pollute the air or water.

- Private ordering

 Contracts between businesses Businesses often enter into contracts with each other to govern their relationship For example, a business may enter into a contract with a supplier to purchase goods or services.

 Codes of conduct Businesses may adopt codes of conduct to govern their behavior For example, a business may adopt a code of conduct that prohibits discrimination or harassment.

 Self-regulation Businesses may self-regulate to ensure that they comply with government regulations For example, a business may create a compliance department to ensure that the business complies with all applicable laws and regulations.

10 So sánh giữa money economy vs barter economy

* Khái niệm:

- A money economy is an economic system in which goods and services are bought and sold using money Money is a medium of exchange that is universally accepted and can be used to purchase goods and services from anyone.

- A barter economy is a cashless economic system in which services and goods are traded at negotiated rates.

* So sánh

Medium of

exchange Money Goods or services Divisibility Money is divisible into smaller units Goods or services may

not be divisible

Durability Money is durable and can be stored Goods or services may not be durable

Transportability Money is portable and can be easily

transported Goods or services may be difficult to transport Acceptability Money is generally accepted as a

value making it easier to compare the

value of different goods or services be difficult to compare interms of value Store of value Money can be stored and used to

purchase goods or services in the future

Goods or services may not be a good store of value

-> In a frictionless economy, therefore, monetary exchange would have no advantage over barter

1 Nhận định sau đúng hay sai: giảm thiểu chi phí giao dịch là mục đích tối thượng

của nền kt (bản chất chi phí giao dịch là phân công lao động, phân công lao động là thành quả của nhân loại, bất kì cỗ máy nào cx phải bôi trơn, nếu loại bỏ hoàn toàn chi phí giao dịch -> ko đúng)

2 Trong economic model mới, nhìn nhận thể chế là 1 biến số: nội sinh hay ngoại sinh

-> endogenous: nội sinh

3 Vấn đề cốt lõi của agency (ng lao động – ng làm thuê là gì): thông tin bất đốixứng

4 Vì sao cta cần hợp đồng self enforcing agreement: do tốn chi phí, tốn thời gian, bản thân tòa án cx ko phải là 1 hệ thống hoàn hảo để giải quyết

5 Điểm khác biệt cơ bản giữa sales contract và lease contract (cho thuê và bán đứt

đoạn): quyền sở hữu (cho thuê chỉ cho chuyển nhượng tạm thời, bán là bán hẳn)

6 3 loại chi phí giao dịch chính: market, managerial và political 7 Đặc điểm của kttc cũ là gì

- The OIE does not represent a single well-defined or unified body of thought, methodology, or program of research (không định nghĩa hoặc hệ thống học thuật thể chế)

- The OIE does not appreciate the importance of unintended and evolutionary processes in institutional development (không coi trọng sự phát triển không ngừng) - The OIE are more interventionist, favouring greater government involvement to correct institutional failures (theo trường phái can thiệp, coi trọng sự can thiệp của nhà nước)

7 Hội cha mẹ phụ huynh, 1 văn bản luật nào đó, hội lao động, tổ chức công đoàn: cái nào đc coi là thể chế -> tất cả các ý trên

8 Vai trò của nhà nước là gì ngoại trừ

- cung cấp 1 cấu trúc tổng thể để thị trg vận hành - thúc đẩy cạnh tranh lành mạnh

- sửa chữa ngoại ứng của thị trường

- cung cấp hàng hóa tư nhân mà thị trg ko cung cấp -> (đúng?)

9 Về bản chất, kt học là môn khoa học về quyền sở hữu vs các nguồn lực khan hiếm: đúng, bản chất nó vẫn là trao đổi quyền sở hữu của 1 gì đó

10 Phân bổ quyền sở hữu ảnh hưởng đến động cơ và hành vi của con người: đúng

11 Thể chế là công cụ duy nhất để thúc đẩy tăng trưởng kinh tế: Sai

**** Kinh tế học thể chế, hãng, firm, market (ptich, miêu tả: kthtc của thị trg/ hãng?) -> tự đọc lại