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In the New Institutional Economics Approach R. Coase and Law, D. North and Social Psychology Context: Pluralist Approach Opportunities in Economics

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  • Selma Sevinç ORHAN

Abstract

In this study the relation between the OIE and the NIE (New Institutional Economics) approach is analyzed. In this way, the emphasis is on the main contrasting points of both approaches to mainstream economics. The institutions are as stated by both the precursors of the OIE and NIE approaches, Veblen, Commons, Coase and North analyzed as thinking habits, as behavior constraints in the social rules, as the legal context of the liberal theory. OIE and the NIE approaches demonstrate continuity through ontological point of view towards the concept of institution. Despite theoretical and methodological differences between them, due to the continuity relationship, the NIE plays a carrier role in transferring heterodox terms to mainstream economics. The continuity relation provided by institutions strengthens the pluralist methodology in the economy.

Suggested Citation

  • Selma Sevinç ORHAN, 2016. "In the New Institutional Economics Approach R. Coase and Law, D. North and Social Psychology Context: Pluralist Approach Opportunities in Economics," Sosyoekonomi Journal, Sosyoekonomi Society, issue 24(28).
    • Handle: RePEc:sos:sosjrn:160210
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    1. Ronald H. Coase, 2008. "The Institutional Structure of Production," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 2, pages 31-39, Springer.
    2. Arthur T. Denzau & Douglass C. North, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31, February.
    3. North, Douglass C, 1978. "Structure and Performance: The Task of Economic History," Journal of Economic Literature, American Economic Association, vol. 16(3), pages 963-978, September.
    4. Malcolm Rutherford, 1995. "The Old and the New Institutionalism: Can Bridges Be Built?," Journal of Economic Issues, Taylor & Francis Journals, vol. 29(2), pages 443-451, June.
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    Cited by:

    1. Bartosz Stelter, 2019. "The management approach of the new institutional economics," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(1), pages 73-81, March.

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    More about this item

    Keywords

    New Institutional Economics; Original Institutional Economics; Coase Theory; History of New Institutional Economics; Pluralist Methodology in Economics.;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

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