A Multiplicity of Approaches to Institutional Analysis. Applications to the Government and the Arts
AbstractFour 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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Bibliographic InfoPaper provided by CESifo Group Munich in its series CESifo Working Paper Series with number 2727.
Date of creation: 2009
Date of revision:
Institutional Economics; Neoclassics; Psychological Economics; Behavioural Economics; institutions;
Other versions of this item:
- Bruno S. Frey, 2009. "A Multiplicity of Approaches to Institutional Analysis. Applications to the Government and the Arts," CREMA Working Paper Series 2009-12, Center for Research in Economics, Management and the Arts (CREMA).
- Bruno S. Frey, 2009. "A multiplicity of approaches to institutional analysis. Applications to the government and the arts," IEW - Working Papers 420, Institute for Empirical Research in Economics - University of Zurich.
- 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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