Geoffrey Hodgson Quotes

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Some institutions within the market are associated with exchange and contracts in an elemental sense (such as the legal system and the customs which govern the contract)... These would be present even if a formal market did not exist. Other institutions are specifically to do with the development of a market and the coordination of a large number of exchanges in an organized manner.

Geoffrey Hodgson

The firm as a relatively durable organizational structure is able to deal with the lack of knowledge about the future fruits of research and development and innovation. Its relative internal stability means that it can carry unquantifiable risks which would be eschewed in the volatility of the market. In particular large firms are able to set up and sustain R&D departments with their own funds. It is widely recognized that atomized, small-scale private enterprise is not well able to make such long-term commitments.

Geoffrey Hodgson

Geoffrey Hodgson

Geoffrey Hodgson

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Born: July 28, 1946 (age 80)

Bio: Geoffrey Martin Hodgson is a Research Professor of Business Studies in the University of Hertfordshire, and also the editor-in-chief of the Journal of Institutional Economics.

Known for:

The evolution of institutional economics (2004)

Geoffrey Hodgson on Wikipedia

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