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Institutional
Economics Center is an independent research organization (at Chicago) that uses
methodologies in post-neoclassical and institutional economics to study
business, economic, social, political, legal, and cultural dynamics. Its
goal is to understand how institutions and rules dictate human behavior and
to promote findings from research for peaceful social and cultural
development.
Institutional economics focuses on analyzing the role of formal institutions
and informal rules in shaping human behavior. The most fundamental beliefs
are: "Institutional Economics is the Economics that is supposed
to be" and "Institution matters most in shaping human
behavior". The post-neoclassical and institutional methodologies
include: bounded rationality, constrained maximization, broadly-conceived
self-interest, cost-benefit-bias-stake-risk analysis,
marginal-substitution-opportunity-sunk-transaction cost analysis,
externality-hidden information/cost-frame effect-lock in effect analysis,
cognitive-cultural-institutional analysis, and relational-subjective
individualism.
Although Thorstein Veblen, Wesley Mitchell, and John Commons are often
recognized as institutionalists (may also include Robert Frank,
Warren Samuels, Mark Tool, John Galbraith, and Geoffrey Hodgson), true
institutional economists are those who employ methodologies with
micro-orientations in their macro-institutional analysis. Research areas and academic leaders
in Modern Institutionalism include:
Economic: Adam Smith, Ronald Coase, Oliver Williamson, Armen
Alchian, Harold Demsetz
Political: Mancur Olson, James Buchanan,
Anthony Downs, Gorden Tullock, Hans-Hermann Hoppe, Bryan Caplan,
Jack L. Snyder
Historical: Karl Marx, Douglass North, Friedrich List, Robert Fogel, Daron Acemoglu, Karl
Polanyi,
Avner Greif
Cultural: Richard Nisbett, Richard Shweder
Psychology: Daniel Kahneman, Scott Plous, Thomas
Gilovich
Financial: Benjamin Graham,
Charles Munger, Warren Buffett
Political Philosophical: John Rawls, Robert Nozick, Friedrich Hayek, Jurgen Habermas
Scientific Philosophical: Carl Popper, Thomas Kuhn, Imre Lacatos,
Wieland Feierabend, Alibris Shapere, Larry Laudan
Game-theoretic: John Nash, Reinhardt Selten, John
Harsanyi, Robert J. Aumann, and Thomas C. Schelling, Leonid Hurwicz
Social: Max Weber, Robert Putnam, Gary Becker
Legal: Richard Posner
International: Robert Keohane
Developmental: Robert Bates, George Tsebelis, Barbara
Geddes
In "The
New Institutional Economics: Taking Stock, Looking Ahead" (2000), Oliver Williamson divides the analysis
within the institutional frameworks into several levels (also refer to Wikipedia). See Contributors
for more information.
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