Question: QUESTION a) Explain what it means by institution according to Institutionalist School and why they emphasize on the role of institutions in economic decision making

QUESTION

a) Explain what it means by "institution" according to Institutionalist School and why they emphasize on the "role of institutions" in economic decision making and not "individuals" like Marginalist School. (10 marks)

b) By using an example, explain why John Kenneth Galbraith in his "dependence effect" theory did not agree with the Neoclassical theory that consumers buy goods and services in the market in response to their "personal desires or demand". (10 marks)

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1. To take in the necessary information,

7. Find four examples that illustrate the statement: Beyond a certain point, open-ness regarding information and communication can become detrimental to relationships.

2. In this chapter, the reader should reflect on the following concepts: