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The growth and decay of custom: The role of the new institutional economics in economic history

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  • Basu, Kaushik
  • Jones, Eric
  • Schlicht, Ekkehart

Abstract

Customs and institutions affect and are affected by economic relations and processes. The two-way interaction is particularly important in studying history where the scale of the temporal canvas ensures that very few variables can be treated as parametric. This paper assesses the methodology which attempts the task. In particular it examines the problem of endogenizing customs, evaluates claims for the optimality of institutions, and also comments on the interplay between structural and inertial forces. Recent work in the new institutional economics stresses structural forces, while traditional history emphasizes inertial forces, but on closer analysis these are shown to be complementary.

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Bibliographic Info

Article provided by Elsevier in its journal Explorations in Economic History.

Volume (Year): 24 (1987)
Issue (Month): 1 (January)
Pages: 1-21

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Handle: RePEc:eee:exehis:v:24:y:1987:i:1:p:1-21

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Web page: http://www.elsevier.com/locate/inca/622830

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  1. Arrow, Kenneth J, 1969. "Classificatory Notes on the Production and Transmission of Technological Knowledge," American Economic Review, American Economic Association, vol. 59(2), pages 29-35, May.
  2. Field, Alexander James, 1981. "The problem with neoclassical institutional economics: A critique with special reference to the North/Thomas model of pre-1500 Europe," Explorations in Economic History, Elsevier, vol. 18(2), pages 174-198, April.
  3. Basu, Kaushik, 1986. "One Kind of Power," Oxford Economic Papers, Oxford University Press, vol. 38(2), pages 259-82, July.
  4. von Weizsacker, Carl Christian, 1971. "Notes on endogenous change of tastes," Journal of Economic Theory, Elsevier, vol. 3(4), pages 345-372, December.
  5. McCloskey, Donald N, 1983. "The Rhetoric of Economics," Journal of Economic Literature, American Economic Association, vol. 21(2), pages 481-517, June.
  6. Schlicht, Ekkehart, 1984. "Plant Closings, Worker Reallocation Costs and Efficiency Gains to Labor Representation on the Board of Directors: Comment on Furubotn/Wiggins," Munich Reprints in Economics 3342, University of Munich, Department of Economics.
  7. Wittman, Donald, 1982. "Efficient Rules in Highway Safety and Sports Activity," American Economic Review, American Economic Association, vol. 72(1), pages 78-90, March.
  8. Schlicht, Ekkehart, . "Isolation and Aggregation in Economics," Monographs in Economics, University of Munich, Department of Economics, number 3, Jan-Jun.
  9. Schlicht, Ekkehart, 1975. "A Neoclassical Theory of Wealth Distribution," Munich Reprints in Economics 3386, University of Munich, Department of Economics.
  10. Field, Alexander James, 1984. "Microeconomics, Norms, and Rationality," Economic Development and Cultural Change, University of Chicago Press, vol. 32(4), pages 683-711, July.
  11. Jones, E L, 1974. "Institutional Determinism and the Rise of the Western World," Economic Inquiry, Western Economic Association International, vol. 12(1), pages 114-24, March.
  12. Bauer, P T, 1971. "Economic History as Theory," Economica, London School of Economics and Political Science, vol. 38(150), pages 163-79, May.
  13. Akerlof, George A, 1976. "The Economics of Caste and of the Rat Race and Other Woeful Tales," The Quarterly Journal of Economics, MIT Press, vol. 90(4), pages 599-617, November.
  14. David, Paul A, 1985. "Clio and the Economics of QWERTY," American Economic Review, American Economic Association, vol. 75(2), pages 332-37, May.
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Cited by:
  1. K├╝bler, Dorothea, 2000. "On the regulation of social norms," SFB 373 Discussion Papers 2000,38, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  2. Schlicht, Ekkehart, . "Koordinationskosten und "Social Capital"," Chapters in Economics, University of Munich, Department of Economics.
  3. Carnaje, Gideon P., 2007. "Contractual Arrangements in Philippine Fisheries," Discussion Papers DP 2007-22, Philippine Institute for Development Studies.
  4. Schlicht, Ekkehart, . "Economic Analysis and Organised Religion," Chapters in Economics, University of Munich, Department of Economics.
  5. Goyal, Sanjeev & Janssen, Maarten C. W., 1995. "Dynamic coordination failures and the efficiency of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 223-239, October.
  6. Cramb, Rob A., 1993. "The Evolution of Property Rights to Land in Sarawak: An Institutionalist Perspective," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 61(02), August.
  7. Parrinello, Sergio, 2000. "The "institutional factor" in the theory of international trade: new vs. old trade theories," MPRA Paper 31472, University Library of Munich, Germany.
  8. Basu, Kaushik, 1995. "Civil institutions and evolution: Concepts, critique and models," Journal of Development Economics, Elsevier, vol. 46(1), pages 19-33, February.
  9. Sindzingre, Alice, 2005. "Explaining Threshold Effects of Globalization on Poverty: An Institutional Perspective," Working Paper Series RP2005/53, World Institute for Development Economic Research (UNU-WIDER).

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