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New economic sociology and new institutional economics

  • Richter, Rudolf
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    Abstract: This paper deals with similarities and differences between new economic sociology (NES) and new institu-tional economics (NIE). We start with brief reports on the basic ideas of NES and NIE. Regarding the latter, we concentrate on NIE in the sense of Oliver Williamson who introduced the term and whose work became the main target of sociologists’ critique. We show that the contrast between the two fields is less sharp than some social scien-tists might assume. We then present a review and assessment of the attack of seven sociologists on Oliver William-son’s ideas. The sociologists are Perrow, Fligstein, Freeland, Granovetter, Bradach & Eccles, and Powell. Their battering ram “social network theory” is briefly described and an attempt made to combine network analysis with new institutional economics as understood by Williamson, i.e., his transaction cost economics. The paper is con-cluded with some thoughts on the convergence of NES and NIE.

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    File URL: https://mpra.ub.uni-muenchen.de/4747/1/MPRA_paper_4747.pdf
    File Function: original version
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    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4747.

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    Date of creation: 2001
    Date of revision:
    Handle: RePEc:pra:mprapa:4747
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    1. Andrew Postlewaite, . ""The Social Basis of Interdependent Preferences''," CARESS Working Papres 97-14, University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences.
    2. Williamson, Oliver E, 1979. "Transaction-Cost Economics: The Governance of Contractural Relations," Journal of Law and Economics, University of Chicago Press, vol. 22(2), pages 233-61, October.
    3. repec:ucp:bkecon:9780226531083 is not listed on IDEAS
    4. Bergstrom, Theodore C, 1995. "On the Evolution of Altruistic Ethical Rules for Siblings," American Economic Review, American Economic Association, vol. 85(1), pages 58-81, March.
    5. Bernstein, Lisa, 1992. "Opting Out of the Legal System: Extralegal Contractual Relations in the Diamond Industry," The Journal of Legal Studies, University of Chicago Press, vol. 21(1), pages 115-57, January.
    6. Hamilton, Gary G & Feenstra, Robert C, 1995. "Varieties of Hierarchies and Markets: An Introduction," Industrial and Corporate Change, Oxford University Press, vol. 4(1), pages 51-91.
    7. Rachel E. Kranton & Deborah F. Minehart, 2001. "A Theory of Buyer-Seller Networks," American Economic Review, American Economic Association, vol. 91(3), pages 485-508, June.
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