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Institutional Economics Center
is an independent research organization that uses
methodologies in micro and institutional economics to study business,
economic, social, political, legal, and cultural dynamics. Its goal is to
understand how institutions and rules shape human behavior and to promote
findings from research for peaceful social and cultural development.
Institutional economics focuses on
understanding 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 "Only
institution matters in shaping human behavior". The methodologies used
in institutional analysis are from neoclassical and
"post-neoclassical" economics. They include: bounded rationality,
constrained maximization, broadly-conceived self-interest,
cost-benefit-stake-risk analysis,
marginal-substitution-opportunity-sunken-transaction cost analysis,
externality-hidden information-frame effect-lock in effect analysis, and
relational-subjective individualism.
Although
Thorstein Veblen, Wesley Mitchell, and John Commons
are often recognized as institutionalists (may also
include Karl Marx, Robert Frank, Warren Samuels, Mark Tool, John Galbraith,
and Geoffrey Hodgson), true institutional economists are those who employ
methodologies with micro-orientations. Research areas and academic leaders
include:
Political: James Buchanan,
Anthony Downs, Gorden Tullock, Mancur Olson
Legal: Richard Posner
Social: Gary Becker
Historical: Douglass North
Cultural:
Robert Putnam
Economic: Ronald Coase, Oliver
Williamson , Armen Alchian, Harold Demsetz
International: Robert Keohane
Developmental: Robert Bates, George Tsebelis, Barbara Geddes
Game-theoretic: John Nash, Reinhardt Selten, John Harsanyi, Robert J.
Aumann, and Thomas C. Schelling
Philosophical: Carl Popper, Thomas Kuhn, Imre Lacatos, Wieland Feierabend,
Alibris Shapere, Larry Laudan
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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