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Institutional economics is a school of heterodox economics, with a focus going beyond economics' usual concentration on markets to the exclusion of all else. Instead it looks more closely at human-made institutions and views markets as a result of the complex interaction of these various institutions (e.g. individuals, firms, states, social norms etc).
Institutional economics was once the dominant school of economics in the United States, including such famous but diverse economists as Thorstein Veblen, Wesley Mitchell, and John R. Commons. While some institutionalists see Karl Marx as belonging to the institutionalist tradition because he described capitalism as a historically bounded social system; other institutionalist economists disagree with Marx's definition of capitalism, instead seeing defining features such as markets, money and the private ownership of production as naturally arising over time, as a result of the purposive actions of individuals.
"Traditional" institutionalism* rejects the reduction of institutions to simply tastes, technology, and nature (see naturalistic fallacy). Tastes, along with expectations of the future, habits, and motivations, not only determine the nature of institutions but are limited and shaped by them. If people live and work in institutions on a regular basis, it shapes their world-views. Fundamentally, this traditional institutionalism (and its modern counter-part institutionalist political economy) emphasizes the legal foundations of an economy (see John R. Commons) and the evolutionary, habituated, and volitional processes by which institutions are erected and then changed (see John Dewey, Thorstein Veblen, and Daniel Bromley.) The vacillations of institutions are necessarily a result of the very incentives created by such institutions, and are thus endogenous. Emphatically, traditional institutionalism is in many ways a response to the economic orthodoxy of present; its reintroduction in the form of institutionalist political economy is thus an explicit challenge to neoclassical economics, since it is based on the fundamental premise neoclassicists oppose: that economics cannot be separated from the political and social system within which it is embedded. Some of the authors associated with this school include Robert Frank, Warren J. Samuels, Mark R. Tool, Geoffrey Hodgson, Daniel Bromley, and Anne Mayhew.
More on [ Institutional economics ]
1ste artikel samengevat, tijd voor't 2de: "The role of the state in the Roman economy: making use of the New Institutional Economics". #blok
sandervdm (Sander V.d.M.) Sat, 12 Dec 2009 12:15:44 -0000
1ste artikel samengevat, tijd voor't 2de: "The role of the state in the Roman economy: making use of the New Institutional Economics". #blok
ATOM (Analyse Théorique des Organisations et des Marchés) - New Institutional Economics Research Center - University of Paris I.
Autobiography of Douglass C. North - Major contributor to Institutional Economics and winner of the Nobel Prize in Economics 1993 (with Robert Fogel).
Autobiography of Herbert A. Simon - Winner Nobel Prize in economics 1978 mainly for research on decision making in organizations.
Autobiography of Robert William Fogel - Major contributor to Economic History (Cliometrics) and Institutional Economics. Winner of the Nobel Prize in economics 1993 (with Douglass North).
Autobiography of Ronald Coase - Major contributor to Institutional Economics by his work on theory of property rights. Winner of Nobel Prize in economics 1991.
Balihar Sanghera's Home Page - Entire course on old and new institutional economics. Other course material and links.
Buchanan, James M. Jr. - Nobel lecture and curriculum vitae.
Center for Institutional Reform and the Informal Sector (IRIS) - Based at the University of Maryland, source of research and advisory expertise for addressing economic growth and governance issues in transition and developing countries.
Conall Boyle on lotteries - Papers and other materials on the social use of lotteries in non-market distribution, by a researcher at the University of Swansea.
Encyclopedia of Law and Economics - Covers the current field of law and economics. Full texts available online.
European School on New Institutional Economics - Doctoral and post-doctoral school specialized in new institutional economics (France). Papers, workshops, conferences, archives. Some information also in French.
Meta Description: [ The goal of ESNIE is to make PhDs and Post-doc aware of the recent development in NIE ]
Institutional Economics Blog - Papers, comments, links and article archive by Stephen Kirchner.
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International Seminar on the New Institutional Economics 2000 - Organized by Max-Planck Project Group Law of Common Goods, Bonn, topic 2000: The Proper Scope of Government.
International Society for New Institutional Economics -
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Reading List on Institutional Economics - References to selected readings on New Institutional Economics.
Ronald Coase Institute - US research institute specialized in new institutional economics. Working papers, links, information about Coase, multi-lingual glossary, reading list.
Meta Description: [ The Ronald Coase Institute promotes research using the tools of new institutional economics to better understand how real economic systems work and how institutions affect transaction costs. It encourages comparative analysis and collaborative research across countries and disciplines, and conduc... ]
Social Capital Gateway - Resources on the economics of social capital. Reading lists, paper reviews, news and events.
The Journal of Institutional and Theoretical Economics - JITE - The Journal of Institutional and Theoretical Economics JITE provides a forum for research results.
Meta Description: [ The Journal of Institutional and Theoretical Economics JITE provides a forum for research results. ]
World Bank - Administrative and Civil Service - Initiative for public administration and civil service reform in Eastern Europe and Central Asia. Statistics, policy papers and country reports.
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