scholarly journals New Institutional Economics’ Perspective on Wealth and Poverty of Nations. Concise Review and General Remarks on Acemoglu and Robinson’s Concept

2015 ◽  
Vol 62 (s1) ◽  
pp. 11-18
Author(s):  
Joanna Dzionek-Kozłowska ◽  
Rafał Matera
Keyword(s):  
Economic Development ◽  
Economic Analysis ◽  
Economic History ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Political Processes ◽  
Concise Review ◽  
The People ◽  
Open Discussion ◽  
The Common

Abstract Many thinkers made attempts to explain differences in economic development between countries, and point out what should be done to foster development. We review briefly some spectacular theories focused on these fundamental problems. We use the tools of economic analysis and the methods characteristic especially for institutional economics and economic history. However, the paper’s central aim is to analyse and assess one of the newest voices in that still open discussion coming from Acemoglu and Robinson and presented in their “Why Nation Failed? The Origins of Power, Prosperity, and Poverty”. Their book is brimmed with compelling illustrations, which we acknowledge as its strongest point. While the accuracy and coherence of their generalisations leave much to be desired. The analysis of those examples let to infer that the most important element encouraging or hampering economic development is the common participation of the people in economic and political processes.

The Fanciful World of Clio

2011 ◽  
Author(s):  
Francesco Boldizzoni
Keyword(s):  
Economic History ◽  
Path Dependence ◽  
Multiple Equilibria ◽  
Institutional Economics ◽  
Rational Choice Theory ◽  
Choice Theory ◽  
New Institutional Economics ◽  
Western Society ◽  
Recent Developments ◽  
Contemporary Western Society

Cliometrics has evolved into a literary genre having little to do with numbers in the sense of econometric testing, though a lot to do with the deductive stance of the new institutional economics and of rational choice theory. At times these two approaches, which are not completely compatible, coexist even in the same author's work, giving rise to a sort of analytic schizophrenia. This chapter analyzes the recent developments in economic history. From the standpoint of methodology, it shows the confusion between history and path dependence or presence of “multiple equilibria” in a predetermined deductive schema. It argues that underlying these trends is an ideological slant, whether conscious or unconscious, aimed at exalting values such as individualism and materialism, which are typical of certain segments of contemporary Western society, and at projecting them unduly onto the past.

scholarly journals An Economic Analysis of the Perception of ‘Grief’ in the Letter to Philippians in the Light of New Institutional Economics (NIE)

Scrinium ◽  
2020 ◽  
Vol 16 (1) ◽  
pp. 3-19
Author(s):  
Alex Hon Ho Ip
Keyword(s):  
Economic Analysis ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Economic Institutions ◽  
Primary Reason ◽  
Textual Evidence ◽  
One Step ◽  
Informal Rules

Abstract Beginning with Paul Holloway’s view that the letter to Philippians is a letter of consolation aimed at comforting the “grief” of the grieving among the Philippi community, this paper argues one step further that the grief in the community is a problem of perception, with the help of new institutional economics (NIE). The primary reason for the divergence in perception is due to living in the Roman colony, the believing community was greatly affected by the values embedded in both formal and informal rules of the economy. In order to justify this view, this paper will, first, demonstrate the textual evidence showing that Paul’s major concern is the perception of believing community. Then, with the help of NIE, I will show how the formal and informal economic institutions of the Roman colony might constitute a perception that is very different from what Paul would expect.

New Institutional Economics and economic history

2002 ◽  
Vol 26 (3) ◽  
pp. 9-36 ◽  
Author(s):  
Daniel Ankarloo
Keyword(s):  
Social Relations ◽  
Economic History ◽  
Institutional Economics ◽  
Research Programme ◽  
New Institutional Economics ◽  
Classical Economics

New Institutional Economics (NIE) has been celebrated as a path-breaking approach to the understanding of capitalism. This article advances a conceptual critique of NIE approaches to economic history. The author suggests that NIE cannot solve the underlying tension, that its economics remains ahistorical, and that when history, social relations and realism are invoked, the economics disappears, being replaced by various cultural and state-centred explanations. Therefore NIE is not so much a research programme in progress, but rather an indication of the degeneration of the tools of neo-classical economics.

City and Reciprocity: The Role of Cultural Beliefs in the Roman Economy

2012 ◽  
Vol 67 (04) ◽  
pp. 599-627 ◽  
Author(s):  
Koenraad Verboven
Keyword(s):  
Roman Empire ◽  
Political Culture ◽  
Economic History ◽  
Institutional Economics ◽  
Cultural Beliefs ◽  
Local Communities ◽  
New Institutional Economics ◽  
Political Elite ◽  
Roman Law ◽  
Roman Economy

Over the past decade, the New Institutional Economics have become a popular model for analyzing ancient economic history. However, the notion of cultural beliefs, which plays a central role in Douglass North’s recent work and Avner Greif’s analysis of institutional change, has been largely ignored. This article argues that a neo-institutional approach taking this notion into account offers a better means of understanding how ideology and moral values influenced the ancient economy than the Finleyan model. Rather than acting as a deterministic constraint on human behavior, cultural beliefs help to orient decision making and allow one to anticipate the (re)actions of others. This article explores two key sets of norms and values in Roman culture that profoundly marked the economy’s institutional framework. The first focused on reciprocity, which supported social networks beyond the confines of the familia-freedmen group and underlay the development of contract and agency law. The second was based on citizenship, which shaped political culture by creating individual rights and obligations that the political elite was given the authority to enforce in order to secure and stimulate both private and common interests. This resulted in Roman law and the distribution of justice. Ideologically, the Roman Empire presented itself as a meta-city that incorporated local communities, which were in turn gradually transformed to fit the civitas model. Both sets of beliefs lowered transaction costs without threatening the preeminent position of local and imperial aristocracies. Toward the end of the second century CE, local communities weakened as the imperial administration grew stronger, causing local and regional aristocracies to turn to the imperial court and army for status, influence, and power. The ideology of citizenship as the guiding principle of political culture gave way to that of the sacred emperor, who guaranteed divine justice and order.

Introduction to the special issue on the future of institutional and evolutionary economics

2014 ◽  
Vol 10 (4) ◽  
pp. 513-540 ◽  
Author(s):  
GEOFFREY M. HODGSON ◽  
J. W. STOELHORST
Keyword(s):  
Historical Perspective ◽  
Institutional Economics ◽  
Evolutionary Economics ◽  
Research Programme ◽  
New Institutional Economics ◽  
Special Issue ◽  
The Future ◽  
The Common

Abstract:This special issue of the Journal of Institutional Economics on the future of institutional and evolutionary economics consists of this introduction, four full essays, and two sizeable comments. Ménard and Shirley (2014) and Ménard (2014) discuss the future of the new institutional economics, and their two essays are followed by a reflection by Hodgson. Winter (2014) and Witt (2014) discuss the future of evolutionary economics, and their essays are followed by a comment by Stoelhorst. Here, we introduce these essays and comments by putting them in a broader historical perspective. In particular, we trace the common origins of modern institutional and evolutionary economics, particularly in the work of Veblen, as well as important additional influences such as Schumpeter and Simon. We highlight how the two approaches became disconnected, and signal the possibility of, and need for, re-establishing closer connections between them. Possible elements of a future overlapping research programme are outlined.

scholarly journals Basic theories of modern institutionalism

2021 ◽  
Vol 94 ◽  
pp. 03001
Author(s):  
Ayna Salamova
Keyword(s):  
Economic Analysis ◽  
Institutional Economics ◽  
New Institutionalism ◽  
New Institutional Economics ◽  
Economic Thought ◽  
Psychological Problems ◽  
Historical School ◽  
Independent Direction ◽  
Theoretical Foundations

Institutionalism went through a difficult historical path of its development, went through several stages, each of which was accompanied by the renewal of methodology and theoretical foundations. Consistently at each stage, a corresponding independent direction arose: old institutionalism, new institutionalism (new institutional economics) and neoinstitutionalism (neoinstitutional economics). Modern institutionalism is a qualitatively new direction of economic thought, based on the theoretical principles of economic analysis of the neoclassical school in terms of identifying trends in the development of the economy, as well as the methodological tools of the German historical school in the approach to the study of socio-psychological problems of the development of society.

scholarly journals Frontiers and economic institutions in Brazil: an approach focused on the new institutional economics

2017 ◽  
Vol 19 (1) ◽  
pp. 125
Author(s):  
André Cutrim Carvalho
Keyword(s):  
Economic Development ◽  
Collective Behavior ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Surrounding Environment ◽  
Institutional System ◽  
Economic Relationship ◽  
Relationship Of ◽  
Rules Of The Game

The present article seeks to discuss the meaning (s) of frontiers in Brazil and the role of institutions in the process of economic development through the new institutional economics. Any pattern of collective behavior characterizes an institution, and as such determines the “rules of the game”. The frontier represents a socio-economic relationship of production because the structure of society in building a frontier is dominated (in)directly by capital. In Brazil, the movement to occupy land on the frontier does not usually occur through contingent smallholders, but rather through a mixture of different social segments, such as: migrants, “landless” males, farmers and entrepreneurs, all seeking land to occupy, to produce and to speculate. The main conclusion is that a developed institutional system may help to promote economic development by structuring the surrounding environment and stimulating the process of cooperation, innovation and learning in the frontier regions of Brazil.

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