Transfers, contracts and regulation: a new institutional economics perspective on the changing provision of social housing in Britain

Social housing policy in the UK mirrors wider processes Associated with shifts in broad welfare regimes. Social housing has moved from dominance by state housing provision to the funding of new investment through voluntary sector housing associations to what is now a greater focus on the regulation and private financing of these not-for-profit bodies. If these trends run their course, we are likely to see a range of not-for-profit bodies providing non-market housing in a highly regulated quasi-market. This paper examines these issues through the lens of new institutional economics, which it is believed can provide important insights into the fundamental contractual and regulatory relationships that are coming to dominate social housing from the perspective of the key actors in the sector (not-for-profit housing organisations, their tenants, private lenders and the regulatory state). The paper draws on evidence recently collected from a study evaluating more than 100 stock transfer organisations that inherited ex-public housing in Scotland, including 12 detailed case studies. The paper concludes that social housing stakeholders need to be aware of the risks (and their management) faced across the sector and that the state needs to have clear objectives for social housing and coherent policy instruments to achieve those ends.

A szovjetológiától az új intézményi közgazdaságtanig - töprengések két évtized távlatából = From Sovietology to the new institutional economics - meditations from a distance of two decades

A következőkben arra teszünk kísérletet, hogy összegezzük a közép- és a kelet-európai rendszerváltozások és az ezt tanulmányozók fordulatos történetét az elmúlt két évtizedben. Bemutatjuk, hogy a közgazdaságtan egy kevéssé fejlett ága miképp szembesült a tudományág egésze szempontjából is talán legnehezebb értelmezési és alkalmazási kérdéseket fölvető történelmi folyamattal. Megpróbáljuk feloldani azt a rejtvényt, hogy a főáramú megközelítés megismerése és alkalmazása miért nem hozott átütő eredményt sem a térség gazdaságainak, sem magának a tudományszaknak. Megvizsgáljuk a fokozatosság és a reformok kritikus tömege viszonyát. Végül kísérletet teszünk arra, hogy e sajátos szakterület elemzéséből adódó, tartósnak bizonyuló tételeket beépítsük a fenntartható fejlődés szélesebben értelmezett, immár főáramú megközelítéseibe. ___________ The article attempts to give an account of the changes of system in Central and Eastern Europe and of those who studied them in the last two decades. It shows how a less devel-oped branch of economics faced a historical process that posed possibly the most difficult questions of interpretation and application for the whole discipline. An attempt is made to discover why recognition and application of the mainstream approach failed to bring resounding success for the economies of the region or for economics itself. The author examines the relation between continuity and the critical weight of reforms. Finally, an attempt is made to advance durable propositions based on analysis of this specific field through now mainstream approaches in terms of sustainable development.

Developing a research method to test a new first-order decision making model for the procurement of public sector major infrastructure

Given global demand for new infrastructure, governments face substantial challenges in funding new infrastructure and simultaneously delivering Value for Money (VfM). The paper begins with an update on a key development in a new early/first-order procurement decision making model that deploys production cost/benefit theory and theories concerning transaction costs from the New Institutional Economics, in order to identify a procurement mode that is likely to deliver the best ratio of production costs and transaction costs to production benefits, and therefore deliver superior VfM relative to alternative procurement modes. In doing so, the new procurement model is also able to address the uncertainty concerning the relative merits of Public-Private Partnerships (PPP) and non-PPP procurement approaches. The main aim of the paper is to develop competition as a dependent variable/proxy for VfM and a hypothesis (overarching proposition), as well as developing a research method to test the new procurement model. Competition reflects both production costs and benefits (absolute level of competition) and transaction costs (level of realised competition) and is a key proxy for VfM. Using competition as a proxy for VfM, the overarching proposition is given as: When the actual procurement mode matches the predicted (theoretical) procurement mode (informed by the new procurement model), then actual competition is expected to match potential competition (based on actual capacity). To collect data to test this proposition, the research method that is developed in this paper combines a survey and case study approach. More specifically, data collection instruments for the surveys to collect data on actual procurement, actual competition and potential competition are outlined. Finally, plans for analysing this survey data are briefly mentioned, along with noting the planned use of analytical pattern matching in deploying the new procurement model and in order to develop the predicted (theoretical) procurement mode.

Reconsidering media economics: From orthodoxies to heterodoxies

This paper argues the case for closer attention to media economics on the part of media, communications and cultural studies researchers. It points to a plurality of approaches to media economics, that include the mainstream neoclassical school and critical political economy, but also new insights derived from perspectives that are less well-known outside of the economics discipline, such as new institutional economics and evolutionary economics. It applies these frameworks to current debates about the future of public service media (PSM), noting limitations to both ‘market failure’ and citizenship discourses, and identifying challenges relating to institutional governance, public policy and innovation as PSMs worldwide adapt to a digitally convergent media environment.

Structure and Change: Douglass North's Economics

Douglass North is a pivotal figure in the development of the 'new' economic history as well as the 'new' institutional economics. However, the relationship between these two aspects of his thinking remains undeveloped in previous critical assessments of North's work. The relationship is clarified here. The evidence presented indicates that three distinct phases can be distinguished in his writings between the 1950s and the 2000s. The paper relates these changing views to the shifting mainstream within economics and the effects that this shift has in turn had on economic history research. Economic history has adapted to economic research by abandoning some practices associated with the earlier cliometric literature. Furthermore, North is unique to the extent that his recent writings represent something of a convergence with 'old' institutionalism. © 2010 Taylor & Francis.

Building post crisis watchtowers: investment management Systems and new institutional logics for regulatory compliance

The financial crisis of 2007-2009 has precipitated large scale regulatory change. Tight deadlines for implementation require organizations to start working on remediation projects before final drafts of regulations are crystalized. Firms are faced with engaging in complex and costly change management programs at a time when profits are diminished. As a consequence of these factors, pre-crisis logics for organizing compliance practices are being questioned and new approaches introduced. Our study explores the use of Investment Management Systems (IMS) in facilitating compliance arrangements. Our motivation is to understand the new logics and the part played by IMS in supporting these approaches. The study adopts an institutional logics perspective to explore the use of such systems at eight financial organizations. The study found new logics for organizing compliance include consolidation, centralization, harmonization and consistency and that the IMS plays an important role in supporting and enabling related activities.