Institutional Economics

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The Experts below are selected from a list of 15960 Experts worldwide ranked by ideXlab platform

A.h.g.m. Spithoven - One of the best experts on this subject based on the ideXlab platform.

Ilkben Akansel - One of the best experts on this subject based on the ideXlab platform.

  • Re-Reading the New Institutional Economics in Market-State Dilemma
    2020
    Co-Authors: Ilkben Akansel
    Abstract:

    After Old Institutional Economics lost its dominance after the 2nd World War, it entered a new revival period; the beginning of this period was marked with Oliver Williamson’s (1975) use of “New Institutional Economics” (NIE) as a new term in his studies. New Institutional Economics analyzes institutions that influence and determine human life deeply such as government, law, markets and family, by combining different disciplines such as legal science, Economics, political sciences, sociology etc. But despite these inter-disciplinary attempts, New Institutional Economics has never been a mainstream that follows Old Institutional Economics in terms of epistemology or politics. On the other hand, the only common feature between New Institutional Economics and Old Institutional Economics is the complete opposition to the established Economics which is also named neo-classical Economics. Besides all of these, discussions on the market mechanism and role of state have been the topics of dispute in almost all of different Economics schools of thought. This is the same in New Institutional Economics. In this study, based on the basic features that distinguish New Institutional Economics from Old Institutional Economics, we will firstly attempt to discuss ideological structure of New Institutional Economics; while doing this, we will analyze which ideological logic of basic assumptions, suggested by New Institutional Economics from the procedural individualism and limited rationalism assumptions to the process of market mechanism, distinguish it from Old Institutional Economics and we will analyze the assumptions that are claimed to be close to the assumptions of established Economics. In this way, we will analyze New Institutional Economics on the basis of the question of “will it be able to present a different point of view to market mechanism-state relation?” by presenting market mechanism-state relation in New Institutional Economics, which exists similarly in all school of thought. So, we will attempt to analyze if New Institutional Economics, which reflects a different thought system, can present a new perspective to the market-state dilemma. As a result, by presenting the features of general economic structure of New Institutional Economics, which is sometimes claimed to come close to neo-classical Economics, existence of solutions that can shed light on current basic economic problems will be analyzed.

  • Understading Neoliberal Politics By The Mediation Of Institutional Economics
    2020
    Co-Authors: Ilkben Akansel
    Abstract:

    Neoliberalism, which cannot be described by a certain rule, includes a wide range of perspective. Therefore, it is a highly effective notion in terms of Economics and politics. This efficiency has a mutual meaning in socio-cultural area. However, it is obvious that the most effective area of neoliberal politics is Economics, because intended efficiency in politics and socio-cultural levels are provided through applicable Economics politics. Although it has some certain notions derived from all the Economics premises, neoliberalism fundamentally forces financial market orders and thus requires the use of state power systematically. Institutional Economics is the Economics stream established by Thorstein Veblen, linking man’s nature of society with Economics affected by Darwin’s ideas of the origins of species. Thus, Institutional Economics claims that the Economics behavior cannot be thought separately from all Institutional forms such as social, cultural and politics of the society. So, Economics can vary between societies, depending on time and place. This study focuses on two main premises: Putting forward the relationship between mainstream Economics (neoclassical Economics) and neoliberal Economics politics, and the criticism of Institutional Economics on this. Firstly, relationship between neoliberalism and mainstream Economics will be analyzed, then the nature of Institutional Economics will be examined especially in terms of the thoughts of its founder Thorstein Veblen and finally relationship between neoliberalism and Institutional Economics will be discussed. By the mediation of new aspects provided by Institutional Economics to neoliberal Economics politics, the applications of Economics can be better maintained, and this can create more fair steps towards Economics politics.

  • From Old Institutional Economics to New Institutional Economics: A Short History
    Advances in Finance Accounting and Economics, 2020
    Co-Authors: Ilkben Akansel
    Abstract:

    Since different kinds of Economics thoughts have been explored, few have been as peculiar as Old Institutional Economics (OIE) and New Institutional Economics (NIE). It is curious that almost every stream criticizing mainstream Economics has a left wing. OIE, not a big fan of this, criticizes neoclassical Economics/mainstream Economics, given it arose in the US. OIE had no sense to left wing, on the contrary, it created an effect criticizing neoclassical Economics in its core. Unlike OIE, NIE has many common points with neoclassical Economics. NIE has several new aspects different from neoclassical Economics, as it has chosen a completely different path than OIE. In this chapter, authors scrutinize circumstances that led to OIE, and what separated OIE and NIE. A brief, successively historical aspect is also provided.

Elizabeth H. Petersen - One of the best experts on this subject based on the ideXlab platform.

  • Institutional Economics and Fisheries Management - Institutional Economics and Fisheries Management
    2020
    Co-Authors: Elizabeth H. Petersen
    Abstract:

    Elizabeth H. Petersen argues that economists and other social scientists are increasingly focusing their attention towards institutions (defined as humanly-devised rules) as critical determinants of economic, social and political growth and development. Institutions responsible for the governance of fishery resources have experienced dramatic reforms over the last few decades, stimulated by increased competition for access and exploitation of resources, leading to emerging scarcity of these very resources. This book aims to contribute to the biological and economic sustainability of fish resources worldwide by providing an analysis of fisheries management in the context of new Institutional Economics.

Jairo J. Parada - One of the best experts on this subject based on the ideXlab platform.

  • Original Institutional Economics and New Institutional Economics: Revisiting the Bridges (or the Divide)
    2005
    Co-Authors: Jairo J. Parada
    Abstract:

    The purpose of this paper is to present the main differences between New Institutional Economics, NIE, and Original Institutional Economics, OIE, and to question some of the proposals that call for the gap between the two approaches to be bridge. This does not preclude the possibilities of a dialogue. Without ignoring some important theoretical developments in North's work, the author claims that NIE is a school that operates in the periphery of the neoclassical Economics paradigm, and shares its ontological and methodological foundations; however these are very different from the evolutionary (Darwinian) Economics of Thorstein Veblen. Though the task of integrating the OIE and NIE seems impossible following the road of eclecticism, a dialogue between them could open new perspectives and enrich Institutional Economics.

Alirat Olayinka Agboola - One of the best experts on this subject based on the ideXlab platform.

  • Neoclassical Economics and new Institutional Economics
    Property Management, 2015
    Co-Authors: Alirat Olayinka Agboola
    Abstract:

    Purpose – The purpose of this paper is to examine the provisions of both the neoclassical Economics and new Institutional Economics theses and assesses the implications of their methodologies for property market analysis. Design/methodology/approach – This research is based on secondary literature review and desk-based study. Findings – It is argued that new Institutional Economics, grounded on firmer foundations of human behaviour, offers an analytical approach to the study of the property market which emphasizes the Institutionally contingent nature of real estate exchange, thus placing real estate within its socio-economic context. Originality/value – In-depth examination and juxtaposition of the provisions, assumptions, philosophical orientations and limitations of these main traditions of economic thought towards the achievement of a representative study of the workings of the property market.

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