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The Institutional Theory of Radhamakal Mukerjee: Lessons for Modern Nonprofit Economics

Journal of economic issues, 2011-09, Vol.45 (3), p.605-620 [Peer Reviewed Journal]

Copyright Taylor & Francis Group, LLC 2011 ;Copyright © 2011 Journal of Economic Issues / Association for Evolutionary Economics ;COPYRIGHT 2011 Taylor & Francis Group LLC ;COPYRIGHT 2011 Taylor & Francis Group LLC ;Copyright M. E. Sharpe Inc. Sep 2011 ;ISSN: 0021-3624 ;EISSN: 1946-326X ;DOI: 10.2753/JEI0021-3624450305 ;CODEN: JECIAR

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Title:
The Institutional Theory of Radhamakal Mukerjee: Lessons for Modern Nonprofit Economics
Author: Valentinov, Vladislav
Subjects: Analysis ; Citizenship ; Consumption ; Consumption theories ; Cooperation ; Cultural values ; Economic justification ; Economic theory ; Economic value ; Economists ; Entrepreneurship ; Holism ; Ideology ; Individualism ; Institutional economics ; Institutional theory ; Institutionalism ; Interest groups ; Market economies ; Market failure ; Mukerjee ; Mukerjee, Radhamakal ; Non-profit organizations ; Nonprofit organizations ; Nonprofit sector ; Practice ; Society ; Sociology ; State ; Studies ; Surveys ; Utility maximization ; Utility theory ; values
Is Part Of: Journal of economic issues, 2011-09, Vol.45 (3), p.605-620
Description: This paper examines the way the institutional economics of Radhamakal Mukerjee can inform modern nonprofit economics. A brief survey of Mukerjee's work highlights several elements of his theory that yield useful implications understanding the nonprofit sector. First, Mukerjee's theory implies that this sector's role is in helping the economies to better accommodate broader societal values, rather than in addressing market failure. Second, his theory suggests that the nonprofit sector provides an institutional framework for the pursuit of common interests that are not reducible to individual utility maximization. Finally, as he considered the state to be inherently coercive, he believed the nonprofit sector to be the only meaningful outlet for citizenship behavior, thus advancing an original theory of complementary state-nonprofit relationship. The paper concludes with calling for more institutionalist research on the economics of the nonprofit sector.
Publisher: Abingdon: Routledge
Language: English
Identifier: ISSN: 0021-3624
EISSN: 1946-326X
DOI: 10.2753/JEI0021-3624450305
CODEN: JECIAR
Source: RePEc
ProQuest Central

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The Institutional Theory of Radhamakal Mukerjee: Lessons for Modern Nonprofit Economics

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