institutional economics
E886927
Institutional economics is a school of economic thought that emphasizes the role of social, legal, and political institutions in shaping economic behavior and outcomes.
All labels observed (1)
| Label | Occurrences |
|---|---|
| institutional economics canonical | 1 |
Statements (48)
| Predicate | Object |
|---|---|
| instanceOf |
economic theory
ⓘ
school of economic thought ⓘ |
| appliedTo |
corporate governance
ⓘ
economic development ⓘ industrial organization ⓘ labor markets ⓘ public policy analysis ⓘ |
| arguesThat |
institutional change affects economic performance
ⓘ
institutions reduce uncertainty ⓘ institutions structure incentives ⓘ |
| associatedWith |
Douglass C. North
NERFINISHED
ⓘ
John R. Commons NERFINISHED ⓘ Oliver Williamson NERFINISHED ⓘ Ronald Coase NERFINISHED ⓘ Thorstein Veblen NERFINISHED ⓘ Wesley C. Mitchell NERFINISHED ⓘ |
| contrastsWith | neoclassical economics ⓘ |
| critiques |
assumption of fully rational individuals
ⓘ
purely individualistic explanations of economic outcomes ⓘ |
| developedIn | United States NERFINISHED ⓘ |
| emphasizes |
evolutionary processes in the economy
ⓘ
historical context of economic processes ⓘ role of institutions in shaping economic behavior ⓘ |
| focusesOn |
economic institutions
ⓘ
legal institutions ⓘ political institutions ⓘ social institutions ⓘ |
| hasSubfield |
new institutional economics
ⓘ
old institutional economics ⓘ |
| includesConcept |
bounded rationality
ⓘ
collective action ⓘ path dependence ⓘ property rights ⓘ transaction costs ⓘ |
| influencedBy |
American pragmatism
NERFINISHED
ⓘ
evolutionary theory ⓘ legal realism ⓘ |
| originatedIn | late 19th century ⓘ |
| relatedTo |
behavioral economics
ⓘ
economic sociology ⓘ law and economics ⓘ political economy ⓘ |
| studies |
interaction between culture and economics
ⓘ
interaction between law and economics ⓘ interaction between politics and economics ⓘ |
| viewsEconomicBehaviorAs |
embedded in legal rules
ⓘ
embedded in political power relations ⓘ embedded in social norms ⓘ |
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.