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The Austrian roots of the economics of institutions

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  • Pierre Garrouste

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Abstract

This paper presents an analysis of the way the Austrian theory of institutions evolved from Menger's main works. It also tries to advance the idea that the economics of institutions, when it deals with the emergence and evolution of rules and norms from interacting individuals, is inspired by Menger's work and more generally by the Austrian analysis of the emergence and evolution of institutions. Recent works in the economics of institutions build on this earlier Austrian work to make it more formalized and testable.
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Suggested Citation

  • Pierre Garrouste, 2008. "The Austrian roots of the economics of institutions," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 21(4), pages 251-269, December.
  • Handle: RePEc:kap:revaec:v:21:y:2008:i:4:p:251-269
    DOI: 10.1007/s11138-008-0047-3
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    References listed on IDEAS

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    Cited by:

    1. Andreea Oana Iacobuta, 2007. "The emergence and evolution of institutions. Connections between institutional economics and the austrian school," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 54, pages 133-137, November.
    2. Christopher Coyne & Russell Sobel & John Dove, 2010. "The non-productive entrepreneurial process," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 23(4), pages 333-346, December.

    More about this item

    Keywords

    Menger; Austrian tradition; Emergence and evolution of the institutions; Economics of institutions; B25; B3; D0;

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • D0 - Microeconomics - - General

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