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New economic sociology and new institutional economics

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  • Richter, Rudolf
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    Abstract

    Abstract: This paper deals with similarities and differences between new economic sociology (NES) and new institu-tional economics (NIE). We start with brief reports on the basic ideas of NES and NIE. Regarding the latter, we concentrate on NIE in the sense of Oliver Williamson who introduced the term and whose work became the main target of sociologists’ critique. We show that the contrast between the two fields is less sharp than some social scien-tists might assume. We then present a review and assessment of the attack of seven sociologists on Oliver William-son’s ideas. The sociologists are Perrow, Fligstein, Freeland, Granovetter, Bradach & Eccles, and Powell. Their battering ram “social network theory” is briefly described and an attempt made to combine network analysis with new institutional economics as understood by Williamson, i.e., his transaction cost economics. The paper is con-cluded with some thoughts on the convergence of NES and NIE.

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    File URL: http://mpra.ub.uni-muenchen.de/4747/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4747.

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    Date of creation: 2001
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    Handle: RePEc:pra:mprapa:4747

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    Related research

    Keywords: New institutional economics; transaction cost economics; economic sociology;

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    References

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    1. Bernstein, Lisa, 1992. "Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry," The Journal of Legal Studies, University of Chicago Press, University of Chicago Press, vol. 21(1), pages 115-57, January.
    2. Bergstrom, Theodore C, 1995. "On the Evolution of Altruistic Ethical Rules for Siblings," American Economic Review, American Economic Association, American Economic Association, vol. 85(1), pages 58-81, March.
    3. Andrew Postlewaite, . "The Social Basis of Interdependent Preferences," Penn CARESS Working Papers, Penn Economics Department 6bd000503382ae2f0b90d25e3, Penn Economics Department.
    4. Hamilton, Gary G & Feenstra, Robert C, 1995. "Varieties of Hierarchies and Markets: An Introduction," Industrial and Corporate Change, Oxford University Press, vol. 4(1), pages 51-91.
    5. Williamson, Oliver E, 1979. "Transaction-Cost Economics: The Governance of Contractural Relations," Journal of Law and Economics, University of Chicago Press, University of Chicago Press, vol. 22(2), pages 233-61, October.
    6. Mintz, Beth A. & Schwartz, Michael, 1985. "The Power Structure of American Business," University of Chicago Press Economics Books, University of Chicago Press, edition 0, number 9780226531083, June.
    7. Rachel E. Kranton & Deborah F. Minehart, 2001. "A Theory of Buyer-Seller Networks," American Economic Review, American Economic Association, American Economic Association, vol. 91(3), pages 485-508, June.
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    Cited by:
    1. Dieter Bögenhold, 2008. "Economics, Sociology, History: Notes on Their Loss of Unity, Their Need for Re-integration and the Current Relevance of the Controversy between Carl Menger and Gustav Schmoller," Forum for Social Economics, Springer, Springer, vol. 37(2), pages 85-101, August.
    2. Elisabeth Benecke, 2011. "Networking for climate change: agency in the context of renewable energy governance in India," International Environmental Agreements: Politics, Law and Economics, Springer, Springer, vol. 11(1), pages 23-42, March.
    3. Dieter Bögenhold, 2008. "„Social embeddedness”: how new economic sociology goes into the offensive and meets the own roots," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 2(1), pages 76-114, November.

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