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http://ssrn.com/abstract=1174283
 
 

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The Economics of Corruption and the Corruption of Economics: An Institutionalist Perspective


Geoffrey M. Hodgson


University of Hertfordshire

Shuxia Jiang


Xiamen University

July, 24 2008

Revista de Economía Institucional, Vol. 10, No. 18, First Semester, 2008

Abstract:     
This essay criticizes the commonplace definition of corruption as the misuse of public office for private gain. Both elements in this definition are wrong: corruption is also found in the private sector and in some exceptional cases it may not simply be for private gain. Another problem with prevailing treatments of corruption is their reliance on a utilitarian framework, which reduces ethical issues to matters of individual utility. This paper reinstates a non-utilitarian ethical dimension, and regards organizational corruption as involving collusion to violate established normative rules. It is further established that organizational corruption incurs irreducible social costs that cannot fully be internalized in a Coasean manner, because corruption itself undermines the very framework of property rights.

Number of Pages in PDF File: 26

Keywords: corruption, rules, public and private benefit

JEL Classification: B52, D73

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Date posted: July 25, 2008  

Suggested Citation

Hodgson, Geoffrey M. and Jiang, Shuxia, The Economics of Corruption and the Corruption of Economics: An Institutionalist Perspective (July, 24 2008). Revista de Economía Institucional, Vol. 10, No. 18, First Semester, 2008. Available at SSRN: http://ssrn.com/abstract=1174283

Contact Information

Geoffrey M. Hodgson (Contact Author)
University of Hertfordshire ( email )
Business School
Hatfield Herts, AL10 9AB
United Kingdom
HOME PAGE: http://www.geoffrey-hodgson.info
Shuxia Jiang
Xiamen University ( email )
Xiamen, Fujian 361005
China
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