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A Multiplicity of Approaches to Institutional Analysis. Applications to the Government and the Arts

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Author Info
Bruno S. Frey ()

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Abstract

Four types of “economics” relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of Neoclassical Economics with elements from other social sciences (including political science, sociology, psychology, law and anthropology) is fruitful to explain institutions because it allows us to maintain the strength of that approach. Social Economics can play an important role helping to overcome the limitations of Neoclassics. However, it should become more concrete, integrate what is useful in Neoclassics, and should seriously engage in empirical research.

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Publisher Info
Paper provided by CESifo Group Munich in its series CESifo Working Paper Series with number CESifo Working Paper No. 2727.

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Date of creation: 2009
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Handle: RePEc:ces:ceswps:_2727

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Related research
Keywords: Institutional Economics; Neoclassics; Psychological Economics; Behavioural Economics; institutions;

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Find related papers by JEL classification:
H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism
Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature

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This page was last updated on 2009-11-3.

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