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Original and New Institutional Economics: Brethren Rather Than Foes? Lessons from the Sociocognitive Turn in “Late” Douglass North

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  • Peter von Staden
  • Kyle Bruce

Abstract

A sociocognitive foundation for transformative agency requires much deeper exploration to adequately understand the causal origins of human interests, preferences, and choices as they shape both the emergence of institutions and the process of institutional change. In the collegial spirit of rapprochement, reminiscent of earlier efforts at “bridge-building,” our central contention is that the new institutional economics of “late” Douglass C. North (2005) provides such a sociocognitive approach, as well as an important ontological frame for dealing with embedded agency. This agency may afford original institutional economics a complementary meta-theoretical account of how institutions are formed and changed over time.

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  • Peter von Staden & Kyle Bruce, 2015. "Original and New Institutional Economics: Brethren Rather Than Foes? Lessons from the Sociocognitive Turn in “Late” Douglass North," Journal of Economic Issues, Taylor & Francis Journals, vol. 49(1), pages 111-125, January.
    • Handle: RePEc:mes:jeciss:v:49:y:2015:i:1:p:111-125
    DOI: 10.1080/00213624.2015.1013882
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    Cited by:

    1. Essiane, Patrick-Nelson Daniel, 2020. "De l'Ancienne Economie Institutionnelle à la Nouvelle Economie Institutionnelle: une introduction à quelques débats [Old Institutional Economics and New Institutional Economics: an Introduction to ," MPRA Paper 102858, University Library of Munich, Germany.

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