Institutional Economy Development Problems

Bagrat H. Yerznkyan ()

Economics of Contemporary Russia, 2021, issue 3

Abstract: The development of institutionalism was not limited to the transition from the old theory to the new one: time is changing, the behavior of economic agents – ​carriers, voluntary or involuntary, of the institutions, whether formal or informal, is changing, – ​institutions that, in turn, are themselves the object of changes. This nature of the object under study poses a difficult task for researchers: to identify, with the help of changing (developing, adapting) tools, the essence of the modern institutions and the ones that can take place in the future, which is in a state of permanent development (evolution). The article describes the system logic of institutions, the reasons for institutional changes, especially caused by the current pandemic, highlights the problems and prospects for the development of the institutional economics from an ecosystem perspective. The latter circumstance presupposes going beyond the purely systemic approach to the study of the institutional system by including the features of the interaction of the system under study with the relevant metasystem, which forms a functional unity with the system and, therefore, is interpreted in aggregate as an ecosystem.

Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:ack:journl:y:2021:id:714

DOI: 10.33293/1609-1442-2021-3(94)-40-48

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