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Catholic Social Thought and New Institutional Economics: An Assessment of Their Affinities and Areas of Potential Convergence

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  • Eileen Norcross
  • Paul Dragos Aligica

Abstract

The potential link between Catholic social teaching (CST) and the theoretical developments associated with new institutional economics (NIE) are explored. The emphasis is on the contributions of two Nobel Prize winners in economics—Douglass C. North and Elinor Ostrom—and on the work of political scientist Vincent Ostrom. By adjusting the neoclassical presumptions dominating modern economic theory to include culture, ideas, and religious beliefs in the analysis of economic behavior, the economic and social theorizing developed by these scholars advances a framework that has significant affinities with CST’s foundational critique of economic concepts and theories and with its normative position regarding the nature and functioning of social and economic systems.

Suggested Citation

  • Eileen Norcross & Paul Dragos Aligica, 2020. "Catholic Social Thought and New Institutional Economics: An Assessment of Their Affinities and Areas of Potential Convergence," American Journal of Economics and Sociology, Wiley Blackwell, vol. 79(4), pages 1241-1269, September.
    • Handle: RePEc:bla:ajecsc:v:79:y:2020:i:4:p:1241-1269
    DOI: 10.1111/ajes.12352
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    References listed on IDEAS

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    3. Charles M.A. Clark, 2019. "Catholicism and Economics: Towards a “Deeper Reflection on the Nature of the Economy and its Purposes”," American Journal of Economics and Sociology, Wiley Blackwell, vol. 78(2), pages 409-441, March.
    4. Charles M.A. Clark, 1992. "Economic Theory And Natural Philosophy," Books, Edward Elgar Publishing, number 89.
    5. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
    6. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, June.
    7. Claude Ménard & Mary M. Shirley (ed.), 2008. "Handbook of New Institutional Economics," Springer Books, Springer, number 978-3-540-69305-5, June.
    8. Boettke, Peter J. & Coyne, Christopher J., 2005. "Methodological individualism, spontaneous order and the research program of the Workshop in Political Theory and Policy Analysis," Journal of Economic Behavior & Organization, Elsevier, vol. 57(2), pages 145-158, June.
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