scholarly journals The growth and decay of custom: The role of the new institutional economics in economic history

1987 ◽  
Vol 24 (1) ◽  
pp. 1-21 ◽  
Author(s):  
Kaushik Basu ◽  
Eric Jones ◽  
Ekkehart Schlicht
Keyword(s):  
Economic History ◽  
Institutional Economics ◽  
New Institutional Economics

The Private Credit Market, the Bibliotheke Enkteseon, and Public Services in Roman Egypt

2012 ◽  
Vol 67 (04) ◽  
pp. 629-659 ◽  
Author(s):  
François Lerouxel
Keyword(s):  
Economic History ◽  
Public Services ◽  
Institutional Economics ◽  
Credit Market ◽  
New Institutional Economics ◽  
Roman Egypt ◽  
History Of ◽  
Private Credit ◽  
Positive Effect

This article examines the history of the private credit market in Roman Egypt between 30 BCE and approximately 170 CE. After examining how the notion of the market and the New Institutional Economics are employed with regard to ancient economic history, it explains the positive effect that systems of drafting and registering contracts had on the private credit market and, in particular, the role of the bibliotheke enkteseon, created by the Roman administration between 68 and 72. The article concludes with an explanation of how this institution was created by analyzing the interaction between the private credit market and the way public services were financed in the Roman world.

The Fanciful World of Clio

2011 ◽  
Author(s):  
Francesco Boldizzoni
Keyword(s):  
Economic History ◽  
Path Dependence ◽  
Multiple Equilibria ◽  
Institutional Economics ◽  
Rational Choice Theory ◽  
Choice Theory ◽  
New Institutional Economics ◽  
Western Society ◽  
Recent Developments ◽  
Contemporary Western Society

Cliometrics has evolved into a literary genre having little to do with numbers in the sense of econometric testing, though a lot to do with the deductive stance of the new institutional economics and of rational choice theory. At times these two approaches, which are not completely compatible, coexist even in the same author's work, giving rise to a sort of analytic schizophrenia. This chapter analyzes the recent developments in economic history. From the standpoint of methodology, it shows the confusion between history and path dependence or presence of “multiple equilibria” in a predetermined deductive schema. It argues that underlying these trends is an ideological slant, whether conscious or unconscious, aimed at exalting values such as individualism and materialism, which are typical of certain segments of contemporary Western society, and at projecting them unduly onto the past.

Institutions

2019 ◽  
pp. 30-41
Author(s):  
Stefan Voigt
Keyword(s):  
Institutional Economics ◽  
Research Area ◽  
Economic Transformation ◽  
New Institutional Economics ◽  
Transformation Property ◽  
Special Focus ◽  
Political Transformation ◽  
Definition Of ◽  
Transformation Processes

This chapter offers a look at transformation processes from the perspective of the new institutional economics (NIE). It briefly describes the main pillars of this research area, including its assumptions, the definition of institutions, and their interplay. It is shown that the NIE can contribute to explaining the outcome of transformation processes by pointing at the different institutions relied upon during transition. In the section surveying the large literature on institutions and transition, special focus is laid on the role of constitutions for political transformation, property rights for economic transformation, and internal or informal institutions as institutions largely exempt from deliberate transformation which can, hence, constitute an important constraint in transformation processes. The chapter concludes by pointing out some research gaps.

Transformation of the State and Political Economy of the Governance

2020 ◽  
pp. 239-257
Author(s):  
Emek Yıldırım
Keyword(s):  
Political Economy ◽  
Public Administration ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
The State ◽  
State Model ◽  
Functional Changes ◽  
The Public ◽  
Role Of The State

By the 1980s and 1990s, neoliberal policies such as privatizations and deregulations transforming the minimal state model to regulative state model from the Keynesian social welfare state system made some structural and functional changes in the state mechanism, and the public administration has been in the first place due to the changing relationship between the state and the market. In fact, within this context, the new institutional economics (NIE) had a remarkable influence upon the debates upon the altering role of the state. Hence, the transformation of the state in this regard also revealed the argumentations on the governance paradigm along with the doctrinaire contributions of the new institutional economics. Therefore, this chapter will discuss the transformation of the state and the political economy of the governance together with a critical assessment of the new institutional economics in the public administration.

Re-Thinking the Role of Institutions in Neoliberalism From New Institutional Economics Perspective

2020 ◽  
pp. 25-40
Author(s):  
Ilke Civelekoglu ◽  
Basak Ozoral
Keyword(s):  
Economic Growth ◽  
Political Economy ◽  
Developing Countries ◽  
Property Rights ◽  
Institutional Economics ◽  
New Institutional Economics ◽  
The Political ◽  
Formal Institutions ◽  
Fertile Ground

In an attempt to discuss neoliberalism with a reference to new institutional economics, this chapter problematizes the role of formal institutions in the neoliberal age by focusing on a specific type of formal institution, namely property rights in developing countries. New institutional economics (NIE) argues that secure property rights are important as they guarantee investments and thus, promote economic growth. This chapter discusses why the protection of property rights is weak and ineffective in certain developing countries despite their endorsement of neoliberalism by shedding light on the link between the institutional structure of the state and neoliberalism in the developing world. With the political economy perspective, the chapter aims to build a bridge between NIE and political economy, and thereby providing fertile ground for the advancement of NIE.

Ronald Coase's impact on economics

2014 ◽  
Vol 11 (2) ◽  
pp. 227-244 ◽  
Author(s):  
MARY M. SHIRLEY ◽  
NING WANG ◽  
CLAUDE MÉNARD
Keyword(s):  
Institutional Economics ◽  
Social Cost ◽  
Law And Economics ◽  
New Institutional Economics ◽  
Careful Study ◽  
Empirical Reality ◽  
Role Of Government ◽  
Institutional Issues ◽  
Rapid Transformation

AbstractRonald Coase had a profound impact on scholarship worldwide, and not for his ideas alone. Coase's ideas about transaction costs, the nature of the firm, the role of government, and the problem of social cost have been hugely influential. Throughout his long life, he also worked to change the conduct of economics, urging economists to ground their conclusions in careful study of empirical reality rather than theories that work only on the blackboard. Less well known, perhaps, is his work to nurture and shape the emerging fields of law and economics and new institutional economics, or his support to young scholars studying institutional issues around the world. In his final years, he was preoccupied by the rapid transformation of China and the institutional structure of production. This article summarizes Coase's significant intellectual contributions to economics, pointing out along the way some of the traits that made him such a powerful thinker and exceptionally influential scholar.

New Institutional Economics and economic history

2002 ◽  
Vol 26 (3) ◽  
pp. 9-36 ◽  
Author(s):  
Daniel Ankarloo
Keyword(s):  
Social Relations ◽  
Economic History ◽  
Institutional Economics ◽  
Research Programme ◽  
New Institutional Economics ◽  
Classical Economics

New Institutional Economics (NIE) has been celebrated as a path-breaking approach to the understanding of capitalism. This article advances a conceptual critique of NIE approaches to economic history. The author suggests that NIE cannot solve the underlying tension, that its economics remains ahistorical, and that when history, social relations and realism are invoked, the economics disappears, being replaced by various cultural and state-centred explanations. Therefore NIE is not so much a research programme in progress, but rather an indication of the degeneration of the tools of neo-classical economics.

scholarly journals Creating Values for Sustainability: Stakeholders Engagement, Incentive Alignment, and Value Currency

2012 ◽  
Vol 2012 ◽  
pp. 1-9 ◽  
Author(s):  
Frank T. Lorne ◽  
Petra Dilling
Keyword(s):  
Value Creation ◽  
Institutional Economics ◽  
Evaluation Method ◽  
Evolutionary Process ◽  
New Institutional Economics ◽  
Incentive Alignment ◽  
Economic Role ◽  
Shareholder Theory ◽  
The Difference

A shareholder theory of firm and a stakeholder theory of firm may differ in their respective evaluation method of firm performance. Both theories however recognize the importance of value creation as the economic role of firms as institutions. The New Institutional Economics (NIE) emphasizes incentives alignment, while also viewing stakeholder engagements as methods to expand the boundaries of firms. The difference in performance evaluation between the two approaches can be reduced if stakeholders, while formulating incentive alignment, also evaluate the mechanisms of establishing a common currency value. The concomitant development of stakeholder engagement, incentive alignment, and value currency creation is argued to be an evolutionary process with the efficiency implications of the two theories tending to converge.

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