TY - JOUR
T1 - On fuzzy frontiers and fragmented foundations
T2 - some reflections on the original and new institutional economics
AU - Hodgson, G.M.
N1 - This article has been published in a revised form in Journal of Institutional Economics, doi: https://doi.org/10.1017/S1744137414000307
This version is free to view and download for private research and study only. Not for re-distribution, re-sale or use in derivative works.
© 2014 Millennium Economics Ltd, published by Cambridge University Press.
PY - 2014/12/31
Y1 - 2014/12/31
N2 - These reflections are prompted by the papers by Ménard (2014) and Ménard and Shirley (2014). Their essays centre on the path-breaking contributions to the 'new institutional economics' (NIE) by Ronald Coase, Douglass North and Oliver Williamson. In response, while recognising their substantial achievements, it is pointed out that these three thinkers had contrasting views on key points. Furthermore, Ménard's and Shirley's three 'golden triangle' NIE concepts - transaction costs, property rights and contracts - are themselves disputed. Once all this is acknowledged, differences of view appear within the NIE, raising interesting questions concerning its identity and boundaries, including its differences with the original institutionalism. There are sizeable overlaps between the two traditions. It is argued here that the NIE can learn from the original institutionalism, particularly when elaborating more dynamic analyses, and developing more nuanced, psychologically-grounded and empirically viable theories of human motivation.
AB - These reflections are prompted by the papers by Ménard (2014) and Ménard and Shirley (2014). Their essays centre on the path-breaking contributions to the 'new institutional economics' (NIE) by Ronald Coase, Douglass North and Oliver Williamson. In response, while recognising their substantial achievements, it is pointed out that these three thinkers had contrasting views on key points. Furthermore, Ménard's and Shirley's three 'golden triangle' NIE concepts - transaction costs, property rights and contracts - are themselves disputed. Once all this is acknowledged, differences of view appear within the NIE, raising interesting questions concerning its identity and boundaries, including its differences with the original institutionalism. There are sizeable overlaps between the two traditions. It is argued here that the NIE can learn from the original institutionalism, particularly when elaborating more dynamic analyses, and developing more nuanced, psychologically-grounded and empirically viable theories of human motivation.
U2 - 10.1017/S1744137414000307
DO - 10.1017/S1744137414000307
M3 - Article
SN - 1744-1374
VL - 10
SP - 591
EP - 611
JO - Journal of Institutional Economics
JF - Journal of Institutional Economics
IS - Special issue 4
ER -