Articles

Bruno S. Frey. A multiplicity of approaches to institutional analysis. Applications to the government and the arts

"Four types of economics relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of Neoclassical Economics with elements from other social sciences (including political science, sociology, psychology, law and anthropology) is fruitful to explain institutions because it allows us to maint...

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Lea Cassar, Bruno S. Frey. Should I stay or should I go? An institutional approach to brain drain

This paper suggests that institutional factors which reward social networks at the expenses of productivity can play an important role in explaining brain drain. The effects of social networks on brain drain are analyzed in a decision theory framework with asymmetric information. We distinguish between the role of insidership and personal connections. The larger the cost of being an outsider, the smaller is the number and the average ability of researchers working in the domestic job market. Per...

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Geoffrey M. Hodgson. The Approach of Institutional Economics

This paper assesses the "old" institutional economics, it emphasizes the importance of key "old" institutionalist themes concerning the necessity of habits and rules, and the role of institutions. A problem in the alternative theoretical program of the "new" institutionalism is the untenability of its assumption of an original, institution-free, "market" or "state of nature." Even optimizing behavior requires the prior existence of habits and rules. Although it still lacks a complete and syste...

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Tony Lawson. Institutionalism: On the Need to Firm up Notions of Social Structure and the Human Subject.

Within (old) institutionalist theorizing there has been a widespread tendency for institutions and technology to be treated in a somewhat dichotomous fashion, with the former regarded as synonymous with constraint, rigidity, or stasis and the latter associated with change and dynamics. Very often this dichotomy is associated with Thorstein Veblen (being referred to as the “Veblen dichotomy”) even though on close scrutiny of Veblen’s texts it is easy enough to find commentaries seemingly at odds ...

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