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Reclaiming Institutions as a Form of Capital

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  • Paul, Bénédique

Abstract

Economists have recognized that “institutions matter” and the renewal of Institutional Economics has gained a large scientific authority, but institutions, as unit of analysis, stay a concept not understood on all its dimensions. Recently, the notion of “institutional capital” appeared in the literature, without neither satisfied definition nor demonstration. In this article, we adopt the “Resourced-Based View” approach to show that some kinds of institutions can theoretically be considered as form of capital, namely “institutional capital”. The main conclusions of this article are explicated in the promises of this new approach for future researches on growth theories, economic development theories, organizational theories, and overall on New Institutional Economics. We underline the importance to test the empirical strength of this economic resource. Meanwhile, economists may accept that “institutional capital matters”.

Suggested Citation

  • Paul, Bénédique, 2009. "Reclaiming Institutions as a Form of Capital," MPRA Paper 39017, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:39017
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    File URL: https://mpra.ub.uni-muenchen.de/39017/1/MPRA_paper_39017.pdf
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    References listed on IDEAS

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    1. Romer, Paul M, 1986. "Increasing Returns and Long-run Growth," Journal of Political Economy, University of Chicago Press, vol. 94(5), pages 1002-1037, October.
    2. Masahiko Aoki, 2013. "Endogenizing institutions and institutional changes," Chapters,in: Comparative Institutional Analysis, chapter 16, pages 267-297 Edward Elgar Publishing.
    3. Bob Evans & Marko Joas & Susan Sundback & Kate Theobald, 2006. "Governing local sustainability," Journal of Environmental Planning and Management, Taylor & Francis Journals, vol. 49(6), pages 849-867.
    4. Coase, R H, 1992. "The Institutional Structure of Production," American Economic Review, American Economic Association, vol. 82(4), pages 713-719, September.
    5. Harald Bauder, 2005. "Institutional Capital and Labour Devaluation: The Non-Recognition of Foreign Credentials in Germany," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 2(1), pages 75-93.
    6. Pierre Berthelier & Alain Desdoigts & Jacques Ould Aoudia, 2004. "Profils institutionnels," Revue Française d'Économie, Programme National Persée, vol. 19(1), pages 121-196.
    7. G. Hodgson., 2007. "What Are Institutions?," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 8.
    8. Narayan, Deepa & Pritchett, Lant, 1999. "Cents and Sociability: Household Income and Social Capital in Rural Tanzania," Economic Development and Cultural Change, University of Chicago Press, vol. 47(4), pages 871-897, July.
    9. Syed M. Ahsan, 2001. "Institutional Framework and Poverty: A Transition Economy Perspective," CESifo Working Paper Series 593, CESifo Group Munich.
    10. Johannes W. Fedderke & John M. Luiz, 2008. "Does human capital generate social and institutional capital? Exploring evidence from South African time series data," Oxford Economic Papers, Oxford University Press, vol. 60(4), pages 649-682, October.
    11. Searle, John R., 2005. "What is an institution?," Journal of Institutional Economics, Cambridge University Press, vol. 1(01), pages 1-22, June.
    12. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:

    1. Paul, Bénédique, 2009. "Institutional capital: A new analytical framework on theory and actions for economic development," MPRA Paper 39018, University Library of Munich, Germany.
    2. repec:rss:jnljms:v2i4p3 is not listed on IDEAS
    3. Paul, Bénédique, 2012. "Technology and institutions: Theoretical aspects of institutional innovation and its deficiency in Haiti," MPRA Paper 39140, University Library of Munich, Germany.
    4. Paul, Bénédique & Garrabé, Michel, 2011. "Le capital institutionnel dans l'analyse du développement : Prolongement théorique et premier test empirique
      [Institutional Capital in Economic Development Analysis: Theoretical Continuation and Fi
      ," MPRA Paper 39016, University Library of Munich, Germany.

    More about this item

    Keywords

    Institutions; Institutional Capital; Institutionalism;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary

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