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EOMI chap 1 - Coggle Diagram
EOMI chap 1
institutions
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social structures made up of symbolic elements, social activities & material resources
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formal // informal
formal : political rules, eco rules
informal : taboos, common sense, constraints
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organizations
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design of an eco system consisting of decentralized decision making system & coordination in an efficient way
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transaction cost
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3 determinants
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uncertainty
difficulty measure perf, complexity transaction
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economic schools
classical school
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free market, no regulation, no protectionism
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behavioralist
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social improvement, + objective
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rationality theory
indiv always make prudent & logical decis° which provide ppl w. greatest benefit of all satisfaction & higher self interest
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