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The Diversity and Rapprochement of Theories of Institutional Change: Original Institutionalism and New Institutional Economics

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  • Gonzalo Caballero
  • David Soto-Oñate

Abstract

Understanding the complexity of institutional change is a necessary step in gaining deeper knowledge of economic performance over time, and it is one of the main challenges in the research agenda of institutionalism. Institutional change can be studied using a variety of theoretical approaches. We study some of the main approaches to institutional change in original economic institutionalism and new institutional economics. First, after comparing the approaches of Émile Durkheim and Thorstein Veblen, we focus on the contributions of the instrumental value theory and other original institutional traditions in the study of institutional change. Second, new institutional economics improved on the weak points of rational choice institutionalism regarding institutional change and incorporated the “institutions-as-rules” approach (Douglass North) and the “institutions-as-equilibria” approach (Avner Greif, Masahiko Aoki). We analyze both approaches to institutional change. Furthermore, we present an updated nonintegral overview of approaches to institutional change, show several interconnections between original and new institutionalisms, and conclude that the dialogue between the different theories of institutional change is relevant and beneficial.

Suggested Citation

  • Gonzalo Caballero & David Soto-Oñate, 2015. "The Diversity and Rapprochement of Theories of Institutional Change: Original Institutionalism and New Institutional Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 49(4), pages 947-977, October.
    • Handle: RePEc:mes:jeciss:v:49:y:2015:i:4:p:947-977
    DOI: 10.1080/00213624.2015.1105021
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    Cited by:

    1. Essiane, Patrick-Nelson Daniel, 2020. "De l'Ancienne Economie Institutionnelle à la Nouvelle Economie Institutionnelle: une introduction à quelques débats [Old Institutional Economics and New Institutional Economics: an Introduction to ," MPRA Paper 102858, University Library of Munich, Germany.
    2. López Gunn, Elena & Rica, Marta & Zorrilla-Miras, Pedro & Vay, Laura & Mayor, Beatriz & Pagano, Alessandro & Altamirano, Monica & Giordano, Rafaelle, 2021. "The natural assurance value of nature-based solutions: A layered institutional analysis of socio ecological systems for long term climate resilient transformation," Ecological Economics, Elsevier, vol. 186(C).
    3. Marek Piosik, 2018. "Mainstreams of research on institutional change in the multidimensional viewpoint," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 17(3), pages 289-287, September.
    4. Ambrosino, Angela & Fiori, Stefano, 2017. "How Can Formal Norms Change Informal Norms? Douglass North’s Approach to Ideologies and Institutional Change," Department of Economics and Statistics Cognetti de Martiis. Working Papers 201707, University of Turin.
    5. Alexandra Grigorievna POLYAKOVA & Julia Nikolaevna NESTERENKO & Elena Albertovna SVERDLIKOVA, 2018. "A Philosophical Approach of the Modernization Process of Russian Economy and Economic Institutions," Postmodern Openings, Editura Lumen, Department of Economics, vol. 9(1), pages 109-128, March.

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