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This is the second of a series of Critical Survey articles. The aim of the series is to report on recent developments, to provide an assessment of alternative approaches and to suggest lines of future inquiry. It is intended that the articles will be accessible not only to other academic researchers but also to students and others more practically involved in the economy. Future Survey articles will include Herbert Hovenkamp on ‘Law and Economics in the United States’ and Warren Samuels on ‘Institutional Economics’.
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