Institutions in Economics: The Old and the New Institutionalism

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Cambridge University Press, 13.07.1996 - 240 Seiten
This book examines and compares the two major traditions of thought that have attempted to incorporate institutions within economics. These are the "Old" (or American) Institutionalist tradition of Veblen, Mitchell, Commons and Ayres, and the "New" Institutionalism that has developed more recently from neoclassical and Austrian sources. The discussion is organized around a set of key problems involving the use of formal or nonformal analytical methods, individualist or holistic approaches, the respective roles of rational choice and rule following behavior, the relative importance of spontaneous evolution and deliberative design of institutions, and questions relating to the normative appraisal of institutions.
 

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Inhalt

Definitions and issues
1
12 Dichotomies and problems
4
Formalism and antiformalism
7
21 Formalism and antiformalism in the OIE
9
22 Formalism and antiformalism in the NIE
20
23 Conclusion
24
Individualism and holism
27
32 Individualism and holism in the OIE
38
51 Invisiblehand explanations
83
52 Evolution and design in the OIE
93
53 Evolution and design in the NIE
110
54 Conclusion
126
Efficiency and reform
129
62 Efficiency and reform in the OIE
132
63 Efficiency and reform in the NIE
151
64 Conclusion
170

33 Individualism and holism in the NIE
43
34 Conclusion
50
Rationality and rule following
51
41 Habits norms and rule following
52
42 Rationality and rule following in the OIE
55
43 Rationality and rule following in the NIE
67
44 Conclusion
77
Evolution and design
81
Conflicts and complementarities
173
72 Complementarities
176
73 Conclusion
181
Notes
182
Bibliography
194
Index
214
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