scholarly journals Institutions, Entrepreneurship, and Post-Soviet Development: An Assessment of Moldova’s Entrepreneurial Climate (1991-2009)

2015 ◽  
Vol 5 (4) ◽  
pp. 44
Author(s):  
Olga Nicoara
Keyword(s):  
Economic Performance ◽  
Institutional Economics ◽  
Institutional Context ◽  
New Institutional Economics ◽  
Market Process ◽  
Local Institutions ◽  
Institutional Barriers ◽  
Policy Makers ◽  
Economic Stagnation ◽  
Entrepreneurial Climate

<p>This paper explores the relation between Moldova’s institutions, entrepreneurship, and poor economic performance 18 years after socialism. The prevailing local institutions determine the direction of entrepreneurship in society (North, 1990; Baumol, 1990; Olson, 1996; Boettke, 1998). Societies with a mix of institutions favorable to productive entrepreneurship experience sustained growth. Conversely, societies with institutions rewarding unproductive and destructive entrepreneurship experience economic stagnation. Using the conceptual frameworks of new institutional economics, Austrian market process theory, and interviews with local entrepreneurs, I explore the link between Moldova’s institutional context and the local entrepreneurship and underdevelopment. For a better understanding of Moldova’s poor economic performance after socialism, scholars and policy makers must investigate the existing underlying gap between the <em>de jure</em> and the <em>de facto</em> institutional barriers to productive entrepreneurship.</p>

scholarly journals The Role of CSR on Social Entrepreneurship: An International Analysis

2020 ◽  
Vol 12 (17) ◽  
pp. 6976
Author(s):  
Inmaculada Buendía-Martínez ◽  
Inmaculada Carrasco Monteagudo
Keyword(s):  
Social Entrepreneurship ◽  
Cultural Context ◽  
Structural Equation ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Research Trend ◽  
Policy Makers ◽  
The Subject ◽  
Corporate Social

The increase in the weight of social entrepreneurship (SE) in the economy has driven the increase in research on the subject. Within the set of approaches developed by scholars to analyse SE, the institutional approach has recently acquired greater relevance. Following this research trend, this article seeks to expand the empirical research on SE by focusing on the informal factors that are less studied in the literature and using a cross-national base. Using the New Institutional Economics and partial least squares–structural equation modelling (PLS-SEM), our findings show the influence of cultural context on the SE dimension. In addition, this influence occurs through two groups of variables led by social capital and corporate social responsibility, although their impacts show opposite signs. These factors have important implications for policy makers in charge of fostering SE development.

Ethische Implikationen der Ökonomisierung in der Medizin

2003 ◽  
Vol 47 (1) ◽  
pp. 21-32 ◽  
Author(s):  
Johannes Eurich ◽  
Alexander Brink ◽  
Andreas Langer ◽  
Peter Sehröder
Keyword(s):  
Health Care ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
Physician Patient Relationship ◽  
Policy Makers ◽  
Institutional Ethics ◽  
Information Gap ◽  
Individual Ethics ◽  
Relationship Of ◽  
Physician Patient

Abstract The health care sector is currently in a process of economization which, undoubtedly, has an impact on the relationship of physician and patient. In this article, elements of the new institutional economics are applied to the physician-patient-relationship in the sense of a descriptive heuristics. The authors find out that based on the principal-agent-theory paradoxical action settings ofthe physician (here paradigmatically subsumed under the paradox of billing and the paradox of neutrality) can be located. 1t is necessary for policy makers involved in health care to consider these paradoxes. Furthermore, health literacy of lay persans supported by widespread information technology lessens the information gap between physician and patient which changes their interaction with a Iasting effect. Based on this analysis the authors recommend not only to focus on individual ethics of the physician but rather to consider approaches of institutional ethics and incentive systems

scholarly journals A Deep Analysis of Blockchain Technology from Socio-Economic and Technological Perspectives: Intrinsic Barriers and Potential Impact

2021 ◽  
Author(s):  
Dirk Draheim
Keyword(s):  
Institutional Economics ◽  
Design Science ◽  
Denial Of Service ◽  
Science Research ◽  
Theoretical Background ◽  
New Institutional Economics ◽  
Decision Makers ◽  
Policy Makers ◽  
Blockchain Technology ◽  
Economic Barriers

Our aim is to understand technological and socio-economic barriers to blockchain solutions that are intrinsic in the blockchain technology stack itself (permissionless as well as permissioned). On the basis of that, we want to understand the future potentioal impact of blockchain technology. We provide an argumentation against the theoretical background of Williamson's instutional analysis framework, and triangulate the insights with results from four design science research efforts. We (i) characterize cryptocurrency as one-tiered collateralized money. We (ii) review potential blockchain solutions against defined essential modes of communications. We review (iii) well-known scalability issues and potential denial-of-service attacks through a new probabilistic model. We (iv) characterize a typical neglection of physical network infrastructure in blockchain technology discussions. We (v) describe four successful blockchain solutions and explain their design. There is (vi) no evidence that the proclaimed ``blockchain revolution'' can disrupt our institutional stack; instead, it can only happen in the boundaries of the current institutional stack. Nevertheless, it is possible to (vii) design useful blockchain solutions. The findings of this research enable policy makers, decision makers and information systems architects alike to make informed decisions about blockchain technology and its application. Given its theoretic foundation in new institutional economics, triangulated with comprehensive results from design science efforts, this study is the first of its kind in the area of blockchain technology research. <br>

The Economy of Ancient Greece: A Conceptual Framework

2018 ◽  
pp. 1-28
Author(s):  
Alain Bresson
Keyword(s):  
Conceptual Framework ◽  
Economic Performance ◽  
Institutional Economics ◽  
Max Weber ◽  
Ancient Greece ◽  
New Institutional Economics ◽  
Ancient Greek ◽  
Homo Economicus ◽  
Ancient Economy ◽  
Greek Economy

This chapter describes the conceptual framework used by the book to study the economy of ancient Greece. It begins with a discussion of the debate between “primitivists,” represented by Karl Bücher, and “modernists,” represented by Eduard Meyer, over the nature of the ancient Greek economy. It considers Bücher's adherence to the so-called German Historical School of Political Economy and goes on to examine the views of Moses I. Finley and Max Weber regarding the ancient economy, Karl Polanyi's use of institutionalism as an approach to the study of the ancient economy, and the main assumptions of New Institutional Economics (NIE) with regard to the genesis and evolution of institutions. The chapter also analyzes the transaction costs theory and concludes with an assessment of criticisms against the classical economists' economic agent, the homo economicus, and the influence of constrained choices and limited rationality on economic performance.

scholarly journals Markets and institutional swamps: tensions confronting entrepreneurs in developing countries

2016 ◽  
Vol 13 (2) ◽  
pp. 243-269 ◽  
Author(s):  
MATTHIAS OLTHAAR ◽  
WILFRED DOLFSMA ◽  
CLEMENS LUTZ ◽  
FLORIAN NOSELEIT
Keyword(s):  
Developing Countries ◽  
Institutional Economics ◽  
Institutional Environment ◽  
Study Data ◽  
New Institutional Economics ◽  
Market Exchange ◽  
Policy Makers ◽  
Formal Policy ◽  
Entrepreneurial Activities

AbstractUnrealized potential of entrepreneurial activities in developing countries has often been attributed to missing formal market-based institutions. In new institutional economics, the concept of ‘voids’ is suggested to describe the absence of market-based institutions. In reality, however, ‘institutional fabrics’ are always and necessarily complex and rich in institutions. No societal sphere is institutionally void. In this article, we contribute to existing literature on entrepreneurship and institutional economics by presenting a framework for studying the richness and complexities of institutional fabrics, as well as ways in which entrepreneurs respond to institutions. Distinguishing four types of institutions relevant for entrepreneurs, we analyze case study data from Ethiopia, and discuss how ‘tensions’ between potentially incompatible institutions result in behavioral frictions. Some entrepreneurs play the complex institutional environment and benefit from the tensions in it, whereas others may drown into the institutional ‘swamp’ they face. Policy makers should acknowledge that institutions not only result from formal policy making and that in many cases a diverse set of institutions is needed to facilitate market exchange and solve constraining tensions. The diversity that results from initiatives of institutional entrepreneurs may create a more effective institutional environment for development.

Linking institutions to economic performance: the role of macro-structures in micro-explanations

2012 ◽  
Vol 8 (3) ◽  
pp. 327-349 ◽  
Author(s):  
CYRIL HÉDOIN
Keyword(s):  
Game Theory ◽  
Economic Performance ◽  
Institutional Economics ◽  
Cultural Beliefs ◽  
New Institutional Economics ◽  
Individual Agency ◽  
Causal Mechanisms ◽  
Game Theoretic

Abstract:Economists have been investigating the link between institutions and economic performance for several years. While econometric studies of this link have flourished, they are of limited use in understanding the causal mechanisms making some institutions responsible for economic performance. Several works using game theory and akin to the ‘new institutional economics’ have entertained the goal of developing micro-explanations of the institutions–performance link. Because game theory focuses on individuals’ actions and beliefs, game-theoretic studies of institutions are thought to oppose more ‘structuralist’ explanations that downplay the role of individual agents and put more emphasis on the importance of social (or ‘macro’) structures. This paper demonstrates that this claim is misconceived, as the micro-explanations produced by game-theoretic models must assume already existing macro-structures. Institutions produce downward effects, shaping each agent's action. Moreover, in a game-theoretic framework, macro-structures are constitutive of individual agency since, without them, agents would often be unable to choose. I illustrate this claim with the example of Avner Greif's study of the role of cultural beliefs in the economic organisation of medieval societies.

scholarly journals A Deep Analysis of Blockchain Technology from Socio-Economic and Technological Perspectives: Intrinsic Barriers and Potential Impact

2021 ◽  
Author(s):  
Dirk Draheim
Keyword(s):  
Institutional Economics ◽  
Design Science ◽  
Denial Of Service ◽  
Science Research ◽  
Theoretical Background ◽  
New Institutional Economics ◽  
Decision Makers ◽  
Policy Makers ◽  
Blockchain Technology ◽  
Economic Barriers

Our aim is to understand technological and socio-economic barriers to blockchain solutions that are intrinsic in the blockchain technology stack itself (permissionless as well as permissioned). On the basis of that, we want to understand the future potentioal impact of blockchain technology. We provide an argumentation against the theoretical background of Williamson's instutional analysis framework, and triangulate the insights with results from four design science research efforts. We (i) characterize cryptocurrency as one-tiered collateralized money. We (ii) review potential blockchain solutions against defined essential modes of communications. We review (iii) well-known scalability issues and potential denial-of-service attacks through a new probabilistic model. We (iv) characterize a typical neglection of physical network infrastructure in blockchain technology discussions. We (v) describe four successful blockchain solutions and explain their design. There is (vi) no evidence that the proclaimed ``blockchain revolution'' can disrupt our institutional stack; instead, it can only happen in the boundaries of the current institutional stack. Nevertheless, it is possible to (vii) design useful blockchain solutions. The findings of this research enable policy makers, decision makers and information systems architects alike to make informed decisions about blockchain technology and its application. Given its theoretic foundation in new institutional economics, triangulated with comprehensive results from design science efforts, this study is the first of its kind in the area of blockchain technology research. <br>

scholarly journals The market for the “old” and the “new” institutional economics

2018 ◽  
Vol 38 (3) ◽  
pp. 450-468 ◽  
Author(s):  
ADRIANO JOSÉ PEREIRA ◽  
HERTON CASTIGLIONI LOPES
Keyword(s):  
Transaction Cost ◽  
Economic Performance ◽  
Theoretical Basis ◽  
Institutional Economics ◽  
Transaction Cost Economics ◽  
New Institutional Economics ◽  
Mainstream Economics ◽  
Theoretical Approaches ◽  
Contractual Approach ◽  
Determining Factor

ABSTRACT This paper conceives of the market as an institution, and contrasts two theoretical approaches: Institutionalism, with an evolutionary and analytical bias, whose theoretical basis comes from “Old/Original” Institutionalism, and New Institutional Economics, with an analytical, contractual approach, linked to mainstream economics. Both approaches have given relevant contributions, as they consider the importance of institutions for economic performance. The limits of New Institutional Economics are particularly relevant, whose analysis of the operation of markets is centered on the logic of transaction cost economics as a determinant of economic performance. Evolutionary Institutionalism, in turn, sees the market within a broader scope, in which cost economies only partially explains economic performance, but it is not necessarily seen as a determining factor.

The rhetoric of Oliver Williamson's transaction cost economics

2006 ◽  
Vol 2 (1) ◽  
pp. 45-65 ◽  
Author(s):  
HUASCAR F. PESSALI
Keyword(s):  
Transaction Cost ◽  
Institutional Economics ◽  
Transaction Cost Economics ◽  
Rhetorical Analysis ◽  
Institutional Context ◽  
Building Blocks ◽  
New Institutional Economics ◽  
Set Up ◽  
The Cost ◽  
Made In

Bounded rationality, opportunism, the primacy of markets and the action of economizing are building blocks of Oliver Williamson's Transaction Cost Economics (TCE). As in all intellectual exchanges, Williamson has used a range of argumentative devices to set up and negotiate his basic notions and assumptions with economists. Rhetorical analysis is applied here to study his argumentation in a certain institutional context within economics. Negotiations with the mainstream, with the competence view of the firm and within the New Institutional Economics, for instance, have had an impact on the construction of TCE and are given attention here. Difficult decisions have been made in order to forge ahead with TCE, including whether to uphold some notions (e.g. opportunism) at the cost of leaving others behind (e.g. economics of atmosphere). Rhetorical transactions like this have shaped TCE and its recognition in economics and related areas.

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