The demarcation between the" old" and the" new" institutional economics: recent complications (original) (raw)
2002, Journal of Economic Issues
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The paper critically examines the distinctions between Old Institutional Economics (OIE) and New Institutional Economics (NIE), arguing that recent developments in NIE challenge the traditional boundaries set by earlier scholars. It presents a taxonomy of the influences institutions exert on economic behavior, emphasizing the cognitive and motivational functions alongside the restrictive role of institutions. The analysis suggests that some contemporary NIE theorists are increasingly recognizing the value of concepts initially attributed to OIE, indicating a convergence in institutional economics.
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