scholarly journals Institutionalisms in Economics: What are Behinds Their Variety?

2021 ◽  
Vol 13 (1) ◽  
pp. 020-036
Author(s):  
Vitaly L. Tambovtsev ◽  
Keyword(s):  
Institutional Economics ◽  
New Institutional Economics ◽  
Economic Science ◽  
Research Opportunities ◽  
The Past ◽  
Institutional Approach ◽  
Alternative Version ◽  
The Creation

The institutional approach in economic science arose, as is known, more than a century ago and is now called "the original institutional economics." In the middle of the last century, an alternative version of this approach emerged, called the "new institutional economics". Over the past forty years, in the institutional approach, it has been declared the creation of a significant number of new economic institutionalisms, such as cognitive, critical, monetary, “incomplete”, “new new”, generic, post-institutionalism, post-Keynesian, and legal institutionalisms. This article is devoted to the analysis of the main provisions of the listed above institutionalisms in economics, in order to answer the question whether they are alternatives to the previously created original and new institutional economics, or whether they clarify some details in these basic institutionalisms. The study showed that the most developed part of the institutionalisms that have arisen in recent decades expands the fields and methods of research within either the original institutionalism or the new institutional economics, without suggesting the grounds that would go beyond the foundations of the named "basic" institutionalisms. Based on this, the article concludes that the growth in the number of institutionalisms indicates the development of "basic" institutionalisms, and not that they have exhausted the research opportunities inherent in them.

scholarly journals Institutions and economic history: a critique of professor McCloskey

2015 ◽  
Vol 12 (1) ◽  
pp. 29-41 ◽  
Author(s):  
AVNER GREIF ◽  
JOEL MOKYR
Keyword(s):  
Economic History ◽  
Institutional Economics ◽  
Industrial Revolution ◽  
New Institutional Economics ◽  
Institutional Approach ◽  
Narrow Definition ◽  
Definition Of

AbstractProfessor McCloskey makes many telling and insightful points in her survey and criticism of what she terms the new institutional economics; yet there are a number of shortcomings to her paper. One is that she has bundled together a variety of quite disparate approaches to the role institutions play, and refers to them as ‘neo-institutionalist’. We unbundle these different strands, and show that an undifferentiated critique is unwarranted. A second argument made by her is that an institutional approach cannot explain either the Industrial Revolution or what she calls ‘the Great Enrichment’. We show that this conclusion is unwarranted and results from an overly narrow definition of institutions.

scholarly journals EFFICIENCY AND CONTINUITY IN PUBLIC FINANCE: THE OTTOMAN SYSTEM OF TAXATION

2005 ◽  
Vol 37 (4) ◽  
pp. 567-586 ◽  
Author(s):  
Metin M. Coşgel
Keyword(s):  
Public Finance ◽  
Economic Analysis ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Neoclassical Economic ◽  
New Approach ◽  
The Past ◽  
Great Progress

Economic historians have recently made great progress in studying the past by applying the tools and concepts of New Institutional Economics. A fundamental element of this achievement has been to go beyond the narrow confines of previous approaches. Whereas the application of narrow neoclassical economic analysis typically lacked an appreciation for the role of history and focused primarily on the efficiency properties of institutions, the new trend has been to integrate economic and historical approaches for richer and more comprehensive explanations of how and why history mattered. Similarly, whereas unsystematic historical approaches lacked sound theoretical bases and proceeded narrowly by focusing on how previous customs and traditions were responsible for the existence of an institution, the new approach has been also to examine the properties of the institution that ensured its survival.

The New Institutional Economics: Taking Stock, Looking Ahead

2000 ◽  
Vol 38 (3) ◽  
pp. 595-613 ◽  
Author(s):  
Oliver E Williamson
Keyword(s):  
Institutional Economics ◽  
Institutional Environment ◽  
New Institutional Economics ◽  
Social Analysis ◽  
Unfinished Business ◽  
Quarter Century ◽  
Progressive Development ◽  
The Past ◽  
Four Levels ◽  
Human Actors

This paper examines the progressive development of the new institutional economics over the past quarter century. It begins by distinguishing four levels of social analysis, with special emphasis on the institutional environment and the institutions of governance. It then turns to some of the good ideas out of which the NIE works: the description of human actors, feasibility, firms as governance structures, and operationalization. Applications, including privatization, are briefly discussed. Its empirical successes, public policy applications, and other accomplishments notwithstanding, there is a vast amount of unfinished business.

scholarly journals Post-Institutionalism in the XXI Century: Expanding, Experimenting, Philosophizing

2021 ◽  
pp. 57-68
Author(s):  
Daniil P. Frolov
Keyword(s):  
Institutional Change ◽  
Institutional Economics ◽  
Change Agents ◽  
New Institutional Economics ◽  
Point Of View ◽  
Daily Routine ◽  
Main Function ◽  
Institutional Research ◽  
Philosophical Foundations ◽  
The Creation

Post-institutionalism is a promising direction in the study of institutions, developing the methodological ideas of critical institutionalism to build an extended institutional approach (in G. Hodgson's terminology). The mission of post-institutionalism is the development of interdisciplinary, complexity-centered methodologies for the analysis of institutions, allowing the development of institutional research beyond the framework of both new and original institutional theories. The article briefly outlines the logic of the creation and origins of the post-institutional theory, provides its methodological features, philosophical foundations, and guidelines for the research program. Post-institutionalists proceed from the fact that the methodological tools of both the new institutional economics and the traditional (“old”) institutionalism are inadequate to the tasks of understanding and explaining the qualitatively complicated institutions of late capitalism. Such institutions are internally heterogeneous, highly fluid, combine different coordinating principles (logics), their functions and boundaries are difficult to identify. The focus of special attention in post-institutional economics is assemblages – ​institutional systems that combine heterogeneous institutions with irreducible logics. Institutional assemblages are highly adaptive but also functionally redundant and conflict-prone. Bricolage is considered as the main type of institutional change in post-institutionalism, which is understood as the recombinant creation of institutions by a multitude of actors from the elements available in the access to solve current institutional problems. Institutional change agents are not only institutional entrepreneurs, but also institutional “workers”, i. e. ordinary actors in their daily routine. The main function of institutions from the point of view of post-institutionalism is not the minimization of transaction costs, but the creation of transaction value.

scholarly journals La nueva economía institucional y la economía de los recursos naturales: Comunes, instituciones, gobernanza y cambio institucional

2011 ◽  
Vol 10 (2) ◽  
pp. 61 ◽  
Author(s):  
Gonzalo Caballero Miguez ◽  
María Dolores Garza Gil
Keyword(s):  
Natural Resources ◽  
Transaction Costs ◽  
Research Agenda ◽  
Institutional Economics ◽  
Resource Economics ◽  
New Institutional Economics ◽  
Natural Resource Economics ◽  
Institutional Approach ◽  
Institutional Determinants ◽  
Prize Award

In recent decades, the New Institutional Economics has brought about the “return of institutions” to the economic mainstream, and institutional theory and analysis have been developed from Ronald Coase’s notion of transaction costs and Douglass North’s view on institutions. The Nobel Prize award in Economics to Oliver Williamson and Elinor Ostrom in 2009 has pointed out the relevance of the new institutional approach. Natural Resource Economics has included the institutional determinants of the management of natural resources into its research agenda. In this sense, the advances of the New Institutional Economics allows the development of institutional analysis in the field of the Economics of Natural Resources, such as Elinor Ostrom’s work has shown. This paper presents an integral and updated perspective of the foundations of the New Institutional Economics that constitute a set of theoretical inputs for the analysis of institutions and governance in the management of natural resources.

The organisation of markets as a key factor in the rise of Holland from the fourteenth to the sixteenth century: a test case for an institutional approach

2012 ◽  
Vol 27 (3) ◽  
pp. 347-378 ◽  
Author(s):  
BAS VAN BAVEL ◽  
JESSICA DIJKMAN ◽  
ERIKA KUIJPERS ◽  
JACO ZUIJDERDUIJN
Keyword(s):  
Economic Development ◽  
Sixteenth Century ◽  
Institutional Economics ◽  
Early Growth ◽  
New Institutional Economics ◽  
Test Case ◽  
Late Medieval ◽  
Institutional Approach ◽  
Key Factor ◽  
Industrial Economic

Although the importance of New Institutional Economics and the institutional approach for understanding pre-industrial economic development and the early growth of markets are widely accepted, it has proven to be difficult to assess more directly the effects of institutions on the functioning of markets. This paper uses empirical research on the rise of markets in late medieval Holland to illuminate some of the factors behind the development of the specific institutional framework of markets for land, labour, capital and goods, and some effects of these institutions on the actual functioning of the markets. The findings are corroborated by a tentative comparison with the functioning of markets in Flanders and eastern England.

scholarly journals Reputation and its measurement. An institutional approach

2017 ◽  
Vol 20 (7) ◽  
pp. 51-61
Author(s):  
Agata Adamska ◽  
Tomasz J. Dąbrowski
Keyword(s):  
Institutional Economics ◽  
New Institutional Economics ◽  
Economic Outcomes ◽  
The Third ◽  
Institutional Approach ◽  
Levels Of Detail

The article deals with the issue of identifying and measuring institutions. As an example, reputation was taken into consideration. The analysis leads to the conclusion that reputation could be treated as an institution and could be measured in the context of its impact on economic outcomes. This measurement can be carried out at three levels of detail: micro, meso and macro, among these the third is the least recognised in new institutional economics.

Vertical Restrictions: Development of Theory, Antitrust Legislation and Enforcement

2010 ◽  
pp. 110-122 ◽  
Author(s):  
S. Avdasheva ◽  
N. Dzagurova
Keyword(s):  
Institutional Theory ◽  
Institutional Economics ◽  
Theory Of The Firm ◽  
New Institutional Economics ◽  
Hierarchical Organization ◽  
Vertical Restraints ◽  
New Institutional Theory ◽  
Antitrust Laws ◽  
Antitrust Legislation ◽  
Market Organization

The article examines the interpretation of vertical restraints in Chicago, post-Chicago and New Institutional Economics approaches, as well as the reflection of these approaches in the application of antitrust laws. The main difference between neoclassical and new institutional analysis of vertical restraints is that the former compares the results of their use with market organization outcomes, and assesses mainly horizontal effects, while the latter focuses on the analysis of vertical effects, comparing the results of vertical restraints application with hierarchical organization. Accordingly, the evaluation of vertical restraints impact on competition differs radically. The approach of the New Institutional Theory of the firm seems fruitful for Russian markets.

Sign in / Sign up

Export Citation Format

Share Document