Abstract

GONZALEZ, Jorge Iván. VOICE AND LOYALTY IMPROVE MARKET EFFICIENCY. Rev.econ.inst. [online]. 2013, vol.15, n.28, pp.65-77. ISSN 0124-5996.

Voice and loyalty play an important role because they facilitate market adjustments and improve efficiency. Conventional theory establishes an immediate relationship between prices and output, and ignores the complexities introduced by human interaction in markets. Voice and loyalty postpone exit, and these mechanisms will help companies to improve their relationships with customers. Hirschman's perspective builds bridges between economics and politics. As he said: "I hope to show political science academics the value of economic concepts, and economists the value of political ideas".

Keywords : economics; politics; human interaction; market efficiency.

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