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A multiplicity of approaches to institutional analysis. Applications to the government and the arts

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  • Bruno S. Frey

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.

Suggested Citation

  • 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.
    • Handle: RePEc:zur:iewwpx:420
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    Cited by:

    1. Joan Costa-i-Font, 2010. "Unveiling Vertical State Downscaling: Identity and/or the Economy?," LEQS – LSE 'Europe in Question' Discussion Paper Series 20, European Institute, LSE.
    2. Yu‐Fu Chen & Michael Funke, 2010. "Booms, Recessions And Financial Turmoil: A Fresh Look At Investment Decisions Under Cyclical Uncertainty," Scottish Journal of Political Economy, Scottish Economic Society, vol. 57(3), pages 290-317, July.

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    More about this item

    Keywords

    Institutional Economics; Neoclassics; Psychological Economics; Behavioural Economics; institutions.;
    All these keywords.

    JEL classification:

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

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