INSTITUTIONAL ECONOMIC THEORY AS A ROLE MODEL OF ECONOMY OF CONVENTIONS
Journal Title: Економіка розвитку - Year 2012, Vol 62, Issue 2
Abstract
The issue of institutional analysis has been in the focus of economic science since 1980 until now. It began as a criticism of old institutionalism, later developed as the neoinstitutional economic theory, an original direction of economic thought, that due to its identical methodology, represents specific (partial) extension of the neoclassical theory. Later a new French institutionalism as a criticism of neoinstitutional economic theory and the neoclassical one-sided and abstract rationality and appropriate treatment of methodoligical individualism appeared. These directions are formaly and conceptualy different, but they have some essential similarities, primarily related to ideological terms. Economy of conventions is one of the modern economic science courses. It is part of a broad intellectual movement, based on discussions of economists, sociologists, historians, psychologists and other social scientific representatives. It is a heterogeneous intellectual movement, trying to overcome the basic principles of neoclassical economics, especially the alleged existence of market equilibrium (which implies an optimal resource allocation and pricing in the conditions of ideal market) as well as rational behavior of economic agents (who optimize their economic activities in order to draw maximum benefit). So, one can say that this is a specific critique of neo-liberal notions of autonomy and even the dominance of economic factors in relation to the impact of social, political and other factors. This paper explains some important elements, indicating that the consensus theory and economy of conventions, despite the indisputable originality, has its role model in neo-institutional economics theory. The relationship between these respectable economic theories, their similarities and disciplinary demarcation lines have been defined. Its hypothesis is that these directions, despite many formal and conceptual differences, have enough similarities to imply the conclusion that neo-institutional economic theory in some parts can be viewed as a role model in relation to the economy of conventions.
Authors and Affiliations
Dragan Radovic
Keywords
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