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ies.fsv.cuni.cz/storage/sylab/15_ institutionalismandnewinstitutionaleconomics.doc
Institutionalism and new institutional economics
ªInstitutions as an important factor in explaining economic performance
ªEvolution of institutions
ªInstitutional vs. new institutional economics
American institutionalism
- since 1890s to Second World War, followers until today
ª Criticism of neclassical economics
– static
- abstract-deductive
- without respect to historical
time and institutions
- formal, mathematical
- perfect competition
- economic man
ª Sources of alternative approach
- German Historical School (R. T. Ely)
- pragmatic philosophy (J. Dewey)
ª Methodological collectivism
ª Empirical-inductive approaches
ª Institution – social rule or social arrangement = respected norms of behavior (traditions, habits, legal norms)
- informal and formal institutions
ª Broad definition of institutions – rules, organizations and social groups (personification of institutions)
ª Two approaches to institutions
1. Behavioral institutionalism
(social psychology, traditions, habits, ceremonial behavior – Veblen)
2. Legal form of institionalism
(stress on formal institutions - Commons)
Thorstein Veblen 1857 – 1929
The Theory of the Leisure Class 1899
The Theory of Business Enterprise 1904
Absentee Ownership 1923
ª A Positive theory of institutions
- Behavioral approach - social psychology
- Technological progress and values of workmanship (creative labor) –Saint Simon
- Criticism of American pecuniary society – conspicuous leisure, conspicuous consumption, demonstration effect
ª The Dichotomy of modern civilization - instincts of parenthood, workmanship vs. acquisitive instincts
- Production for satisfaction of needs vs. production for profit => industry vs. business
- Revolution of engineers
- Theoretical source of a technocratic movement
John R. Commons 1862 – 1945
Legal Foundations of Capitalism 1924
Institutional Economics 1934
The Economics of Collective Action 1950
ªLegal form of institutionalism - collective action (an individual behavior must be regulated and sanctioned by a collective action)
ªWisconsin School - social constructivism – social reforms
- New Deal
ªGroup interest conflicts and their legal solution - role of state, reform of legal institutions
ª Enterprise vs. firm
ªBargaining transactions, managerial transactions (commands by legal and economic superiors to inferiors – eg. foreman and worker), rationing transactions (partitional transactions, distribution of benefits and burdens to members of a joint enterprise)
ª Origins of American welfare state – social policy
ªCollective bargaining - industrial relations
ªRegulation of utilities
Wesley C. Mitchell 1874 - 1948
Business Cycles: The Problem and its Settings 1927
ªEmpirical-inductive method, atheoretical approach
ªStatistical methods of analysis
ª Critical to neoclassical theory
ªBusiness cycles as reactions of business to changing rates of profit - expectations under uncertainty, => optimistic or pessimistic outlooks for the future
- description without a theory
Gardiner C. Means 1896 – 1988
The Modern Corporation and Private Ownership 1932 (with A. Berle)
The Corporate Revolution in America 1954
ª Dominant role of corporations
- mangers as a new class (following social interests)
=> Economic power without ownership may exist.
ª Administered prices (prices determined by big corporations, based on costs and many other factors)
John K. Galbraith *1908
The Concept of Contraveiling Power 1952
The New Industrial State 1967
Economics and Public Purpose 1973
ª Planned sector – technological progress
ª Technostructure
ª Disequilibrium between private and public goods
ª Convergence theory
New Institutional Economics since 1960s
ªMethodological individualism
ªProperty rights theory
ªTransaction costs
ªInstitutions as rules
- Corporate governance
ª Principal-agent problem
- Moral Hazard
- Negative Selection
Ronal H. Coase *1910
The Nature of the Firm 1937
The Problem of Social Costs 1960
Property rights
Transaction costs
Coase theorem
Coase vs. Pigou
Douglas C. North *1920
Structure and Change in Economic History 1981
Institutions, Institutional Change and Economic Performance 1990
ª Path-dependency – role of culture, values
in a learning process
ªEvolution of institutions
ª Formal and informal institutions
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