ISSN 1300-1868
 

Original Research (Original Article) 


Institutional Economics: The Past, the Present and the Future

Emre Özçelik, Eyüp Özveren.

Abstract
The emergence and development of Institutional Economics are examined and interpreted in detail in historical context from Veblen's founding position onward. Major contributions to institutional economic thought, coming from such figures as Commons, Myrdal, Ayres, Coase, North, Williamson, Hodgson etc. are analyzed in order distinguish among its neo-institutional, new institutional and original institutional versions. The likelihood of and conditions for Institutional Economics to succeed as an alternative to neoclassical mainstream are also discussed.

Key words: Institutional Economics, neo-institutional economics, new institutional economics, original institutional economics



Kurumsal İktisat'ın Dünü, Bugünü, Yarını

Ozet
Makalede, Kurumsal İktisat'ın ortaya çıkışı ve gelişimi, Veblen'in kurucu pozisyonundan günümüze değin, tarihsel bağlamı içinde ayrıntılı olarak incelenmekte ve yorumlanmaktadır. Kurumsal İktisat'ın neo-kurumsalcı, yeni kurumsalcı ve 'asıl' kurumsalcı versiyonları arasındaki ayrımları gösterebilmek amacıyla, kurumsal iktisadi düşünceye Commons, Myrdal, Ayres, Coase, North, Williamson, Hodgson gibi önde gelen iktisatçılar tarafından yapılmış katkılar çözümlenmektedir. Kurumsal İktisat'ın neoklasik ana-akıma bir alternatif olarak başarıya ulaşma ihtimali ve koşulları da tartışılmaktadır.

Anahtar Kelimeler: Kurumsal İktisat, neo-kurumsal iktisat, yeni kurumsal iktisat, 'asıl' kurumsal iktisat


 
ARTICLE TOOLS
Abstract
PDF Fulltext
Print this article Print this Article
How to cite this articleHow to cite this article
Citation Tools
Related Records
 Articles by Emre Özçelik
Articles by Eyüp Özveren
on Google
on Google Scholar
Article Statistics
 Viewed: 2839
Downloaded: 667
Cited: 0


REFERENCES
Adams, John (ed.) (1980) Institutional Economics: Essays in Honor of Allan G. Gruchy, Boston: Martinus Nijhoff. [DOI via Crossref]   
Ayres, Clarence E. (1938) The Problem of Economic Order, New York: Farrar & Rinehart.
Ayres, Clarence E. (1944) The Theory of Economic Progress: A Study of the Fundamentals of Economic Development and Cultural Change, Kalamazoo: New Issues Press. [Pubmed]    [PMC Free Fulltext]   
Ayres, Clarence E. (1951) The Co-ordinates of Institutionalism, American Economic Review, 41 (2), 47-55.
Coase, Ronald (1937) The Nature of the Firm, Economica (New Series), 4 (13-16): 386-405. [DOI via Crossref]   
Coase, Ronald (1960) The Problem of Social Cost, Journal of Law and Economics, 3: 1-44. [DOI via Crossref]   
Commons, John R. (1957 [1924]) Legal Foundations of Capitalism, Madison: The University of Wisconsin Press.
Commons, John R. (1934) Institutional Economics: Its Place in Political Economy, New York: MacMillan.
Dugger, William M. (1995) Veblenian Institutionalism: The Changing Concepts of Inquiry, Journal of Economic Issues, 29 (4), 1013-1028.
Eggertsson, Thrainn (1992) Economic Behaviour and Institutions, New York: Cambridge University Press.
Groenewegen, John, Frans Kerstholt and Ad Nagelkerke (1995), On Integrating New and Old Institutionalism: Douglass North Building Bridges, Journal of Economic Issues, 29 (2): 467-465.
Gruchy, Allan G. (1972) Contemporary Economic Thought: The Contribution of Neo-institutional Economics, Clifton, NJ: Augustus M. Kelley Publishers. [Pubmed]   
Gruchy, Allan G. (1987) The Reconstruction of Economics: An Anlaysis of the Fundamentals of Institutional Economics, New York: Greenwood Press.
Hobsbawm, Eric (1962). The Age of Revolution - Europe 1789-848, Weidenfeld & Nicholson Ltd.
Hodgson, Geoffrey M. (1984) The Democratic Economy: A New Look at Plannning, Markets and Power, Harmondsworth: Penguin.
Hodgson, Geoffrey M. (1988) Economics and Institutions: A Manifesto for a Modern Institutional Economics, Cambridge: Polity Press.
Hodgson, Geoffrey M. (1998a) Dichomotizing the Dichotomy: Veblen versus Ayres, S. Fayazmanesh ve M. R. Tool (der.), Institutionalist Method and Value içinde, c. I, Aldershot: Edward Elgar, 48- 73. [Pubmed]   
Hodgson, Geoffrey M. (1998b) The Approach of Institutional Economics, Journal of Economic Literature, XXXVI (March), 166-192.
Hodgson, G. M. (1999), Economics and Utopia: Why the learning Economy is not the End of History, London & New York: Routledge.
Hodgson, Geoffrey M. (2000a) What is the Essence of Institutional Economics, Journal of Economic Issues, XXXIV (2), 317-329.
Hodgson, Geoffrey M. (2000b) Structures and Institutions: Reflections on Institutionalism, Structuration Theory and Critical Realism, Unpublished mimeo, University of Hertfordshire, UK.
Hodgson, Geoffrey M. (2001a) How Economics Forgot History: The Problem of Historical Specificity in Social Science, London & New York: Routledge. [DOI via Crossref]   
Hodgson, Geoffrey M. (2001b) The Evolution of Capitalism from the Perspective of Institutional and Evolutionary Economics, in Hodgson et al., eds, Capitalism in Evolution: Global Contentions - East and West, Cheltenham, UK & Northampton, MA, US: Edward Elgar, 63-82. [DOI via Crossref]   
Hodgson, Geoffrey M. (2002) The Evolution of Institutions: An Agenda for Future Theoretcial Research, Constitutional Political Economy, 13, 111-127. [DOI via Crossref]   
Hodgson, Geoffrey M. (2003), The Hidden Persuaders: Institutions and Individuals in Economic Theory, Cambridge Journal of Economics, 27, 159-175. [DOI via Crossref]   
Hodgson, Geoffrey M. (2007a) Meanings of Methodological Individualism, Journal of Economic Methodology, 14 (2), 211-26. [DOI via Crossref]   
Hodgson, Geoffrey M. (2007b) Institutions and Evolution: Interaction and Evolution, Organization Studies, 28 (1), 95-116. [DOI via Crossref]   
Kapp, K.William (1976) The Nature and Significance of Institutional Economics, Kyklos, XXIX, 2, 209-32. [DOI via Crossref]   
Lindbeck, Asar (ed.) (1992) Nobel Lectures in Economic Sciences (1969-1980), Singapore: World Sceintific. [DOI via Crossref]   
Mitchell, Wesley C. (1949) Lecture Notes on Types of Economic Theory, New York: Augustus M. Kelley.
Mitchell, Wesley C. (1950) The Backward Art of Spending Money and Other Essays, New York: Augustus M. Kelley.
Myrdal, Gunnar (1944) An American Dilemma: The Negro Problem and Modern Democracy, New York: Harper & Row.
Myrdal, Gunnar (1957) Economic Theory and Under-Developed Regions, London: Gerald Duckworth & Co. Ltd.
Myrdal, Gunnar (1968) Asian Drama: An Inquiry into the Poverty of Nations, New York: Pantheon.
Myrdal, Gunnar (1978) Institutional Economics, Journal of Economic Issues, XII (4), 771-83.
North, Douglass C. and Robert P. Thomas (1973) The Rise of the Western World, Cambridge: Cambridge University Press. [DOI via Crossref]   
North, Douglass C. (1990) Institutions, Institutional Change and Economic Performance, New York: Cambridge University Press. [DOI via Crossref]   
North, Douglass C. (1992) Institutions and Economic Theory, American Economist, Spring: 3-6.
North, Douglass C. (1994a) Economic Performance Through Time, American Economic Review, 84 (3): 359-68.
North, Douglass C. and John J. Wallis (1994b) Integrating Institutional Change and Technical Change in Economic History: A Transaction Cost Approach, Journal of Institutional and Theoretical Economics, 150 (4): 609-624.
Özçelik, Emre (2007), Kurumlar, Kurumsal Ýktisat ve Avusturya Okulu, Eyüp Özveren (der.), Kurumsal Ýktisat içinde, Ýmge Kitabevi: Ankara, 201-235. [Pubmed]   
Özveren, Eyüp (1998) An Institutionalist Alternative to Neoclassical Economics?, Review (Fernand Braudel Center), XXI (4), 469-530.
Özveren, Eyüp (2007) Kurumsal Ýktisat: Aralanan Karakutu, Eyüp Özveren (der.), Kurumsal Ýktisat içinde, Ýmge Kitabevi: Ankara, 15-43.
Posner, Richard A. (1993) The New Institutional Economics Meets Law and Economics, Journal of Institutional and Theoretical Economics, 149 (1): 73-87.
Polanyi, Karl (1944 [1957]) The Great Transformation, Boston: Beacon Press.
Rutherford, Malcolm (1994) Institutions in Economics: The Old and New Institutionalism, Cambridge: Cambridge University Press. [DOI via Crossref]   
Samuels, Warren J. (1995) The Present State of Institutional Economics, Cambridge Journal of Economics, 19, 560-590.
Seckler, David (1975) Thorstein Veblen and the Institutionalists: A Study in Social Philosophy of Economics, Boulder: Colorado Associated University Press.
Simon, Herbert A. (1957) Models of Man: Social and Rational - Mathematical Essays on Rational Human Behavior in Social Setting, New York: Wiley.
Tilman, Rick (1990) New Light on John Dewey, Clarence Ayres, and the Development of Evolutionary Economics, Journal of Economic Issues, 24 (4), 963-979.
Vanberg, Viktor (1989) Carl Menger’s Evolutionary and John R. Commons’ Collective Action Approach to Institutions: A Comparison, Review of Political Economy, 1 (3), 334-360. [DOI via Crossref]   
Veblen, Thorstein B. (1958) The Theory of Business Enterprise, New York: Mentor Books [1904].
Veblen, Thorstein B. (1961) The Place of Science in Modern Civilisation and Other Essays, New York: Russel & Russel.
Veblen, Thorstein B. (1990a) Why is Economics not an Evolutionary Science?, The Place of Science in Modern Civilisation and Other Essays, Transaction Publishers: New Brunswick, 56—81 [1898].
Veblen, Thorstein B. (1990b) The Preconceptions of Economic Science I-II-II, The Place of Science in Modern Civilisation and Other Essays, Transaction Publishers: New Brunswick, 82—179.
Veblen, Thorstein B. (1990c) Industrial and Pecuniary Employments, The Place of Science in Modern Civilisation and Other Essays, Transaction Publishers: New Brunswick, 279-323 [1901].
Wallerstein, Immanuel (1991) Unthinking Social Science: The Limits of Nineteenth-Century Paradigms, Cambridge: Polity Press. [PMC Free Fulltext]   
Wallerstein, Immanuel (2005) World-Systems Analysis: An Introduction, Durham & London: Duke University Press.
Williamson, Oliver E. (1975) Markets and Hierarchies: Analysis and Antitrust Implications, New York: Free Press.
Williamson, Oliver E. (1985) The Economic Institutions of Capitalism: Firms, Markets, Relational Contracting, London: Free Press.
Williamson, Oliver E. (1987), The Economics of Governance: Framework and Implications, in R. N. Langlois (ed.), Economics as a Process: Essays in the New Institutional Economics, New York: Cambridge University Press, 171-202. [Pubmed]   
Williamson, Oliver E. (1998) The Institutions of Governance, American Economic Review (Papers and Proceedings of the Hundred and Tenth Annual Meeting of the American Economic Association), 88 (2): 75-79.
Williamson, Oliver E. (2000) The New Institutional Economics: Taking Stock, Looking Ahead, Journal of Economic Literature, XXXVIII (September): 595-613. [DOI via Crossref]   
Yýlmaz, Feridun (2007), Avrupa’da Kurumsal Ýktisat: G. M. Hodgson Örneði, Eyüp Özveren (der.), Kurumsal Ýktisat içinde, Ýmge Kitabevi: Ankara, 93-142.

How to Cite this Article
Pubmed Style

Emre Ozcelik, Eyup Ozveren. [Institutional Economics: The Past, the Present and the Future]. Ekonomik Yaklasim. 2015; 26(96): 17-57. Turkish. doi:10.5455/ey.35805


Web Style

Emre Ozcelik, Eyup Ozveren. [Institutional Economics: The Past, the Present and the Future]. http://www.ekonomikyaklasim.org/?mno=166017 [Access: August 19, 2019]. Turkish. doi:10.5455/ey.35805


AMA (American Medical Association) Style

Emre Ozcelik, Eyup Ozveren. [Institutional Economics: The Past, the Present and the Future]. Ekonomik Yaklasim. 2015; 26(96): 17-57. Turkish. doi:10.5455/ey.35805



Vancouver/ICMJE Style

Emre Ozcelik, Eyup Ozveren. [Institutional Economics: The Past, the Present and the Future]. Ekonomik Yaklasim. (2015), [cited August 19, 2019]; 26(96): 17-57. Turkish. doi:10.5455/ey.35805



Harvard Style

Emre Ozcelik, Eyup Ozveren (2015) [Institutional Economics: The Past, the Present and the Future]. Ekonomik Yaklasim, 26 (96), 17-57. Turkish. doi:10.5455/ey.35805



Turabian Style

Emre Ozcelik, Eyup Ozveren. 2015. [Institutional Economics: The Past, the Present and the Future]. Ekonomik Yaklasim, 26 (96), 17-57. Turkish. doi:10.5455/ey.35805



Chicago Style

Emre Ozcelik, Eyup Ozveren. "[Institutional Economics: The Past, the Present and the Future]." Ekonomik Yaklasim 26 (2015), 17-57. Turkish. doi:10.5455/ey.35805



MLA (The Modern Language Association) Style

Emre Ozcelik, Eyup Ozveren. "[Institutional Economics: The Past, the Present and the Future]." Ekonomik Yaklasim 26.96 (2015), 17-57. Print.Turkish. doi:10.5455/ey.35805



APA (American Psychological Association) Style

Emre Ozcelik, Eyup Ozveren (2015) [Institutional Economics: The Past, the Present and the Future]. Ekonomik Yaklasim, 26 (96), 17-57. Turkish. doi:10.5455/ey.35805