A Multiplicity of Approaches to Institutional Analysis. Applications to the Government and the Arts

Bruno S. Frey ()

No CESifo Working Paper No. 2727, CESifo Working Paper Series from CESifo Group Munich

Abstract: 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 maintain the strength of that approach. Social Economics can play an important role helping to overcome the limitations of Neoclassics. However, it should become more concrete, integrate what is useful in Neoclassics, and should seriously engage in empirical research.

Keywords: Institutional Economics; Neoclassics; Psychological Economics; Behavioural Economics; institutions (search for similar items in EconPapers)
JEL-codes: H77 P16 Z11 (search for similar items in EconPapers)
Date: 2009
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Related works:
Working Paper: A Multiplicity of Approaches to Institutional Analysis. Applications to the Government and the Arts (2009)
Working Paper: A multiplicity of approaches to institutional analysis. Applications to the government and the arts (2009)
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