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        On fuzzy frontiers and fragmented foundations : some reflections on the original and new institutional economics

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        Author
        Hodgson, G.M.
        Attention
        2299/14771
        Abstract
        These reflections are prompted by the papers by Ménard (2014) and Ménard and Shirley (2014). Their essays centre on the path-breaking contributions to the 'new institutional economics' (NIE) by Ronald Coase, Douglass North and Oliver Williamson. In response, while recognising their substantial achievements, it is pointed out that these three thinkers had contrasting views on key points. Furthermore, Ménard's and Shirley's three 'golden triangle' NIE concepts - transaction costs, property rights and contracts - are themselves disputed. Once all this is acknowledged, differences of view appear within the NIE, raising interesting questions concerning its identity and boundaries, including its differences with the original institutionalism. There are sizeable overlaps between the two traditions. It is argued here that the NIE can learn from the original institutionalism, particularly when elaborating more dynamic analyses, and developing more nuanced, psychologically-grounded and empirically viable theories of human motivation.
        Publication date
        2014-12-31
        Published in
        Journal of Institutional Economics
        Published version
        https://doi.org/10.1017/S1744137414000307
        Other links
        http://hdl.handle.net/2299/14771
        Relations
        Hertfordshire Business School
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