Regulations and Regulatory Authorities from the Perspective of New Institutionalism

One of the most important goals of economics is to develop policies to improve the economic performance. These policy proposals are effective in the emergence of economic theories. The differences in the policy proposals emerge as a factor that separates the theories from each other. Institutional economic approach as one of the relevant theories argues that the economic performance of countries depends largely on the institutional structures and processes adopted by policy makers. In this study the views of four approaches on the formation of economic and political structure are discussed. These approaches are rational choice institutionalism, sociological institutionalism, historical institutionalism and discursive institutionalism which are the types of new institutionalism.