The Meaning and Concept of Institutions in Institutionalism A Look at Differences between Old and New Institutionalism and the Role of Institutions in Economic Activities
“Institutions matter”. This is what we now see repeatedly in economic texts. But, some economists mentioned this truth more than a century ago. By asserting that mainstream economics has ignored institutions, these economists established a new paradigm, named institutional economics, which was, acco...
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| Format: | Article |
| Language: | fas |
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Allameh Tabataba'i University Press
2013-03-01
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| Series: | Faslnāmah-i Pizhūhish/Nāmah-i Iqtisādī |
| Subjects: | |
| Online Access: | https://joer.atu.ac.ir/article_915_1ee455ce38f97fe85a58197dec999b6f.pdf |
| _version_ | 1797375628265127936 |
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| author | Mahmoud Mashhadi Ahmad |
| author_facet | Mahmoud Mashhadi Ahmad |
| author_sort | Mahmoud Mashhadi Ahmad |
| collection | DOAJ |
| description | “Institutions matter”. This is what we now see repeatedly in economic texts. But, some economists mentioned this truth more than a century ago. By asserting that mainstream economics has ignored institutions, these economists established a new paradigm, named institutional economics, which was, according to their manifesto, “the only way to the right sort of theory.” The crucial point, however, was that this new paradigm was introducing a critical element as the main unit of analysis that could well destroy all aspects of conventional economics. Now, more than one hundred years after the beginning of institutional economics, the science of economics has witnessed many valuable endeavors to imbed institutions in economic analysis. Although valuable, but these efforts has made the concept of institutions more complicated. Indeed, as mentioned by J. R. Commons, from the early stages of the evolution of institutionalism, this concept was tangled. However, after the emergence of New Institutional Economics, we can see more difficulties. Therefore, it is important to pay attention to the meaning and concept of institutions and its relation with individuals. Another issue that this paper is going to shed some light on it, is the role of institutions in economic occasions. Finally, the paper will concentrate on one important and neglected question, which was the main source of Veblen’s attack on orthodoxy, that is, why did mainstream economics ignore institutions? |
| first_indexed | 2024-03-08T19:27:09Z |
| format | Article |
| id | doaj.art-091c1585813a475b8095ce92807bf769 |
| institution | Directory Open Access Journal |
| issn | 1735-210X 2476-6453 |
| language | fas |
| last_indexed | 2024-03-08T19:27:09Z |
| publishDate | 2013-03-01 |
| publisher | Allameh Tabataba'i University Press |
| record_format | Article |
| series | Faslnāmah-i Pizhūhish/Nāmah-i Iqtisādī |
| spelling | doaj.art-091c1585813a475b8095ce92807bf7692023-12-26T07:58:06ZfasAllameh Tabataba'i University PressFaslnāmah-i Pizhūhish/Nāmah-i Iqtisādī1735-210X2476-64532013-03-0113484977915The Meaning and Concept of Institutions in Institutionalism A Look at Differences between Old and New Institutionalism and the Role of Institutions in Economic ActivitiesMahmoud Mashhadi Ahmad0PhD in Economics, Faculty of Economics, Tehran University“Institutions matter”. This is what we now see repeatedly in economic texts. But, some economists mentioned this truth more than a century ago. By asserting that mainstream economics has ignored institutions, these economists established a new paradigm, named institutional economics, which was, according to their manifesto, “the only way to the right sort of theory.” The crucial point, however, was that this new paradigm was introducing a critical element as the main unit of analysis that could well destroy all aspects of conventional economics. Now, more than one hundred years after the beginning of institutional economics, the science of economics has witnessed many valuable endeavors to imbed institutions in economic analysis. Although valuable, but these efforts has made the concept of institutions more complicated. Indeed, as mentioned by J. R. Commons, from the early stages of the evolution of institutionalism, this concept was tangled. However, after the emergence of New Institutional Economics, we can see more difficulties. Therefore, it is important to pay attention to the meaning and concept of institutions and its relation with individuals. Another issue that this paper is going to shed some light on it, is the role of institutions in economic occasions. Finally, the paper will concentrate on one important and neglected question, which was the main source of Veblen’s attack on orthodoxy, that is, why did mainstream economics ignore institutions?https://joer.atu.ac.ir/article_915_1ee455ce38f97fe85a58197dec999b6f.pdfinstitutioneconomicsold institutionalismnew institutionalismmainstream economics |
| spellingShingle | Mahmoud Mashhadi Ahmad The Meaning and Concept of Institutions in Institutionalism A Look at Differences between Old and New Institutionalism and the Role of Institutions in Economic Activities Faslnāmah-i Pizhūhish/Nāmah-i Iqtisādī institution economics old institutionalism new institutionalism mainstream economics |
| title | The Meaning and Concept of Institutions in Institutionalism
A Look at Differences between Old and New Institutionalism and the Role of Institutions in Economic Activities |
| title_full | The Meaning and Concept of Institutions in Institutionalism
A Look at Differences between Old and New Institutionalism and the Role of Institutions in Economic Activities |
| title_fullStr | The Meaning and Concept of Institutions in Institutionalism
A Look at Differences between Old and New Institutionalism and the Role of Institutions in Economic Activities |
| title_full_unstemmed | The Meaning and Concept of Institutions in Institutionalism
A Look at Differences between Old and New Institutionalism and the Role of Institutions in Economic Activities |
| title_short | The Meaning and Concept of Institutions in Institutionalism
A Look at Differences between Old and New Institutionalism and the Role of Institutions in Economic Activities |
| title_sort | meaning and concept of institutions in institutionalism a look at differences between old and new institutionalism and the role of institutions in economic activities |
| topic | institution economics old institutionalism new institutionalism mainstream economics |
| url | https://joer.atu.ac.ir/article_915_1ee455ce38f97fe85a58197dec999b6f.pdf |
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