Bringing Institutions Into Evolutionary Economics: Another View with Links to Changes in Physical and Social Technologies
AbstractLike Nelson (2002), I make a case for bringing institutions into evolutionary economics. But unlike Nelson, who defines institutions as social technologies consisting of rules-routines, I define them in agreement with North (1990) as humanly devised rules-constraints — such as formal law and informal social norms — but also view them, to accommodate most of Nelson's approach, as constraining the variety of rules-routines employable by agents. I show that this definition has advantages for communicating with modern institutional analysis, for clarifying how institutions can influence, and be influenced by, changes in physical and social technologies, and for producing policy implications.
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Bibliographic InfoPaper provided by The Ratio Institute in its series Ratio Working Papers with number 24.
Length: 28 pages
Date of creation: 15 May 2003
Date of revision:
Publication status: Published in Journal of Evolutionary Economics, 2003, pages 237-258.
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Phone: 08-441 59 00
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More information through EDIRC
institutions; rules-constraints; rules-routines; social technologies; economic evolutions;
Find related papers by JEL classification:
- A10 - General Economics and Teaching - - General Economics - - - General
- B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
This paper has been announced in the following NEP Reports:
- NEP-ALL-2003-05-18 (All new papers)
- NEP-CBE-2003-05-18 (Cognitive & Behavioural Economics)
- NEP-HPE-2003-05-18 (History & Philosophy of Economics)
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