Keywords: institutional economics, green economics, social value, interdisciplinarity, pluralism, collective action, market failures, market imperfections, market structure, collaboration, policy strategies, environmental justice, social justice
The institutional analysis of the market
The analysis of the market constitutes perhaps one of the most controversial aspects in the study of economic systems. In fact, such analysis lies at the juncture of significant aspects of economic and social structure: in particular, public action and private initiative, forms of competition, and the related concepts of capitalism, socialism, sustainable development, participation and democracy. In order to enquire into these complex relations, we employ, in an interdisciplinary and pluralistic perspective, a number of contributions from institutional economics and other social and psychological theories. In the analysis of such issues, these theories can contribute to shed light on the following intertwined aspects: (1) the structure of collective action; (2) the relations between market and nonmarket arrangements; (3) the nature of market failures and imperfections; (4) the problems of coordination between the various policies bearing on the market structure, which are also considered in their supranational dimension and, thus, offer insights useful to the development of a green economics methodology. In this perspective, a closer collaboration between green economics and other pluralistic-oriented strands of social sciences can contribute to the formulation of policy strategies which are more able to integrate the aims of environmental and social justice.