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Institutions and Individuals: Interaction and Evolution

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Abstract

The author claims that the conceptualization of the relation between individual and structure is central to social science. This paper overviews some recent developments in the social theory of structure and agency, and makes a novel addition, based on a concept of habit derived from pragmatist philosophy and sociology and from Veblenian institutional economics. The author shows how processes of habituation provide a mechanism of ‘reconstitutive downward causation’ where institutional circumstances may affect individual preferences. Finally, special characteristics of organizations are discussed, endorsing an evolutionary analytical approach that combines insights from both evolutionary economics and organization science.

Suggested Citation

  • G. Hodgson., 2008. "Institutions and Individuals: Interaction and Evolution," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
  • Handle: RePEc:nos:voprec:2008-08-3
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    1. Pryor, Frederic L., 2005. "Market economic systems," Journal of Comparative Economics, Elsevier, pages 25-46.
    2. Timur Kuran, 2004. "Why the Middle East is Economically Underdeveloped: Historical Mechanisms of Institutional Stagnation," Journal of Economic Perspectives, American Economic Association, pages 71-90.
    3. Frederic L Pryor, 2006. "Economic Systems of Developing Nations," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 48(1), pages 77-99, March.
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    Cited by:

    1. Andrea Migone, 2011. "Embedded markets: A dialogue between F.A. Hayek and Karl Polanyi," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 24(4), pages 355-381, December.
    2. Lazaric, Nathalie, 2011. "Organizational routines and cognition: an introduction to empirical and analytical contributions," Journal of Institutional Economics, Cambridge University Press, vol. 7(02), pages 147-156, June.
    3. Vladislav Valentinov, 2012. "Toward a holistic nonprofit economics: insights from institutionalism and systems theory," Journal of Bioeconomics, Springer, pages 77-89.
    4. Seelos, Christian & Mair, Johanna, 2010. "Organizational mechanisms of inclusive growth: A critical realist perspective on scaling," IESE Research Papers D/840, IESE Business School.
    5. Nathalie Lazaric & Kevin Maréchal, 2010. "Overcoming inertia: insights from evolutionary economics into improved energy and climate policy," Post-Print hal-00452205, HAL.

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