The Economics of Institutions
Avoiding the Open-Field Syndrome and the Perils of Path Dependence
Bibliographic Data
| ID | 2302829 |
|---|---|
| Authors | Thráinn Eggertsson (University of Iceland), Þráinn Eggertsson (University of Iceland, corresponding author) |
| Year | 1993 |
| Volume | 36 |
| Issue | 3 |
| Pages | 223-237 |
| Publication date | 1993-07-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Acta Sociologica (JOURNAL) |
| Journal identifiers | ISSN: 0001-6993 • E-ISSN: 1502-3869 |
| Publisher | SAGE Publications Inc (PUBLISHER) |
| DOI | 10.1177/000169939303600306 |
| OpenAlex | W2057769172 |
| Language | EN |
| Citations received | 2 |
| References cited | 42 |
In this article, recent research on the economics of institutions is summarized and assessed The economics of institutions is an attempt to integrate recent research in various sub-fields of economics and the other social sciences in order to present a coherent research program for exploring the link between institutions and wealth Although the core of the framework is a modified version of neo-classical economics, it is argued that the optimal deviation from the neo-classical model vanes with the level of analysis and the types of variables that we seek to endogenize. The unifying theme of the analysis is the introduction of transaction costs and the related concept of property rights, which give organizations and institutions a central role in economic life. The paper provides a summary view of the economics of institutions, and discusses in some detail two common lines of criticism. that the approach ignores power relationships in economic affairs, and that its use of the rational choice model is inappropriate The need for augmenting the economics of institution with an operational theory of mental models and learning is recognized
Applied economics · Economics · Field (mathematics · Heterodox economics · Institution · Institutional analysis · Institutional economics · Mainstream economics · Microeconomics · Neoclassical economics · New institutional economics · Order (exchange · Path dependence · Positive economics · Power (physics · Public economics · Social science · Sociology · Theme (computing · Transaction cost · Computer Science · Economic theories and models · Economic Theory and Institutions · Experimental Behavioral Economics Studies
The general theory of employment, interest, and money
Economic analysis of law
Structure and change in economic history
Making a market
Economic Analysis of Property Rights
Governing the Commons
Institutions and Social Conflict
Economic Behavior and Institutions
The Use of Knowledge in Society
Regulation and Administered Contracts
The New Institutional Economics
The Methodology of Economics
Institutions, Institutional Change and Economic Performance
Models of Man
The Limits of Rationality
Structure-induced equilibrium and legislative choice
Private Property Rights and Sharecropping
The Economics of Information
Slavery and Supervision in Comparative Perspective
Reputation and Coalitions in Medieval Trade
Constitutions and Commitment
Economics and Knowledge
The Nature of the Firm
The Economic Institutions of Capitalism
The Revenge of Homo Economicus
Economic Institutions as Social Constructions
| Unique citing works | 2 |
|---|---|
| Citations per year | 0,09 |
| Citation span | 2003 - 2007 (5) |
| Citation velocity | historical |
| Highly cited | No |
| Citation types | Neutral: 2 |