In the New Institutional Economics Approach R. Coase and Law, D. North and Social Psychology Context: Pluralist Approach Opportunities in Economics

Selma Sevinç Orhan

Sosyoekonomi Journal, 2016, issue 24(28)

Abstract: In this study the relation between the OIE and the NIE (New Institutional Economics) approach is analyzed. In this way, the emphasis is on the main contrasting points of both approaches to mainstream economics. The institutions are as stated by both the precursors of the OIE and NIE approaches, Veblen, Commons, Coase and North analyzed as thinking habits, as behavior constraints in the social rules, as the legal context of the liberal theory. OIE and the NIE approaches demonstrate continuity through ontological point of view towards the concept of institution. Despite theoretical and methodological differences between them, due to the continuity relationship, the NIE plays a carrier role in transferring heterodox terms to mainstream economics. The continuity relation provided by institutions strengthens the pluralist methodology in the economy.

Keywords: New Institutional Economics; Original Institutional Economics; Coase Theory; History of New Institutional Economics; Pluralist Methodology in Economics. (search for similar items in EconPapers)
JEL-codes: B25 B52 D23 (search for similar items in EconPapers)
Date: 2016
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sos:sosjrn:160210

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