2015•Ekonomik YaklasimRequires access

Institutional Economics: The Past, the Present and the Future

Emre Özçelik, Eyüp Özveren

Abstract

The emergence and development of Institutional Economics are examined and interpreted in detail in historical context from Veblen's founding position onward. Major contributions to institutional economic thought, coming from such figures as Commons, Myrdal, Ayres, Coase, North, Williamson, Hodgson etc. are analyzed in order distinguish among its neo-institutional, new institutional and original institutional versions. The likelihood of and conditions for Institutional Economics to succeed as an alternative to neoclassical mainstream are also discussed.

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Key concepts: Positive economics, Political science, Economics, Neoclassical economics, Engineering ethics, Engineering