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Economía institucional y ciencia económica


  • Jaime Lozano

    () (Secretaría de Hacienda Distrital)


This article presents a comparative analysis of the approaches of institutional economics and Walrasian economics. After reviewing the differences between both perspectives, it argues that institutional economics is an alternative, however incomplete, to general equilibrium economics. It compares the way both tendencies conceive the individual, knowledge, efficiency and the economic order, to point out the differences. Some methodological discussion derived from these differences is indicated.

Suggested Citation

  • Jaime Lozano, 1999. "Economía institucional y ciencia económica," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 1(1), pages 99-128, July-dece.
  • Handle: RePEc:rei:ecoins:v:1:y:1999:i:1:p:99-128

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    References listed on IDEAS

    1. Debreu, Gerard, 1986. "Theoretical Models: Mathematical Forms and Economic Content," Econometrica, Econometric Society, vol. 54(6), pages 1259-1270, November.
    2. Kirman, A., 1997. "Interaction and Markets," G.R.E.Q.A.M. 97a02, Universite Aix-Marseille III.
    3. Douglass C. North, 1996. "Where Have We Been And Where Are We Going?," Economic History 9612001, EconWPA.
    4. Kirman, Alan, 1989. "The Intrinsic Limits of Modern Economic Theory: The Emperor Has No Clothes," Economic Journal, Royal Economic Society, vol. 99(395), pages 126-139, Supplemen.
    5. Ronald H. Coase, 2000. "The new institutional economics," Chapters,in: Institutions, Contracts and Organizations, chapter 1 Edward Elgar Publishing.
    6. Douglass C. North, 1994. "Privatization, Incentives And Economic Performance," Economic History 9411002, EconWPA.
    7. Douglass C. North, 1993. "Five Propositions about Institutional Change," Economic History 9309001, EconWPA.
    8. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
    9. Richard Arena, 1991. "De l'usage de l'histoire dans la formulation des hypothèses de la théorie économique," Revue Économique, Programme National Persée, vol. 42(2), pages 395-410.
    10. Antoine D'Autume & Jean Cartelier, 1995. "L'économie devient-elle une science dure ?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00452416, HAL.
    11. Douglass C. North, 1993. "The New Institutional Economics and Development," Economic History 9309002, EconWPA.
    12. Samuel Bowles & Herbert Gintis, 1993. "The Revenge of Homo Economicus: Contested Exchange and the Revival of Political Economy," Journal of Economic Perspectives, American Economic Association, vol. 7(1), pages 83-102, Winter.
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    More about this item


    Institutional economics; Walrasian economics; economic order;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other


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