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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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Paper provided by Institute for Empirical Research in Economics - IEW in its series IEW - Working Papers with number iewwp420.

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Date of creation: Jun 2009
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Handle: RePEc:zur:iewwpx:420

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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:
Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
D03 - Microeconomics - - General - - - Behavioral Economics; Underlying Principles
H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism
P16 - Economic Systems - - Capitalist Systems - - - Political Economy of Capitalism

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This page was last updated on 2009-11-26.

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