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Shifting Boundaries in Economics: the Institutional Cognitive Strand

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The paper proposes a critical interpretation of the development of new institutional economics and of its relationship with other economic fields. Consistently with the oil-spot dynamics model, new institutionalism can be described as an enlargement of the mainstream that, in time, seems to further expand towards heterodoxy by branching and specializing. Institutional cognitive economics positions itself at the borders between these two areas. With its focus on the cognitive processes underlying institutional genesis and evolution, it is the result of the integration process between the ideas of new (D.C. North’s in particular) and old institutionalism (T. Veblen’s in particular) plus the injection of F. Hayek’s theories on the link between mind and institutions. Institutional cognitive economics also represents an example of interdisciplinary cross-fertilization that is taking place at the border of social sciences and that might represent the future of our discipline.

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Paper provided by University of Turin in its series Department of Economics and Statistics Cognetti de Martiis. Working Papers with number 201544.

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Length: 29 pages
Date of creation: Nov 2015
Handle: RePEc:uto:dipeco:201544
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  1. Fontana, Magda, 2010. "Can neoclassical economics handle complexity? The fallacy of the oil spot dynamic," Journal of Economic Behavior & Organization, Elsevier, vol. 76(3), pages 584-596, December.
  2. Cedrini, Mario & Fontana, Magda, 2015. "Mainstreaming. Reflections on the Origins and Fate of Mainstream Pluralism," CESMEP Working Papers 201501, University of Turin.
  3. David Colander & Richard Holt & Barkley Rosser, 2004. "The changing face of mainstream economics," Review of Political Economy, Taylor & Francis Journals, vol. 16(4), pages 485-499.
  4. Ambrosino, Angela, 2009. "Institutions as game theory outcomes: toward a cognitive-experimental inquiry," MPRA Paper 42752, University Library of Munich, Germany, revised 2013.
  5. Groenewegen, J. & Kerstholt, F.T.S. & Nagelkerke, A.G., 1995. "On integrating new and old institutionalism : Douglass North building bridges," Other publications TiSEM cc3f6aba-ee41-4256-93de-8, Tilburg University, School of Economics and Management.
  6. Denzau, Arthur T & North, Douglass C, 1994. "Shared Mental Models: Ideologies and Institutions," Kyklos, Wiley Blackwell, vol. 47(1), pages 3-31.
  7. John B. Davis, 2008. "The turn in recent economics and return of orthodoxy," Cambridge Journal of Economics, Oxford University Press, vol. 32(3), pages 349-366, May.
  8. Angela Ambrosino, 2014. "A Cognitive Approach to Law and Economics: Hayek's Legacy," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 48(1), pages 19-48, March.
  9. David Dequech, 2007. "Neoclassical, mainstream, orthodox, and heterodox economics," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(2), pages 279-302, December.
  10. Christopher Brown, 2013. "Transmutability, generalised Darwinism and the limits to conceptual integration," Cambridge Journal of Economics, Oxford University Press, vol. 37(1), pages 209-225.
  11. Leonhard Dobusch & Jakob Kapeller, 2012. "Heterodox United vs. Mainstream City? Sketching a Framework for Interested Pluralism in Economics," Journal of Economic Issues, M.E. Sharpe, Inc., vol. 46(4), pages 1035-1058, December.
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