Economic Sociology and New Institutional Economics

Victor Nee and Richard Swedberg

Chapter 29 in Handbook of New Institutional Economics, 2008, pp 789-818 from Springer

Abstract: When economic sociology appeared on the academic scene in the mid-1980s its interactions with New Institutional Economics were soon plentiful as well as productive. Especially the ideas of OliverWilliamson and Douglass North were often discussed and found useful. That this was a fruitful interaction is exemplified not least by the fact that Williamson’s notion of “hybrid” was developed in response to comments on his distinction between markets and hierarchies by some sociologists. The concept of “transaction cost” soon became part of the sociological language, and sociologists suddenly seemed more receptive to ideas of economists than they had been for a very long time.

Keywords: Institutional Environment; Institutional Change; Communist Party; Business Group; Formal Rule (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1007/978-3-540-69305-5_30

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