The Image of Economy in the Institutionalism

Authors

Abstract

The article discusses highlights, mutual critics and convergence points of the Old and the New institutionalism. The main focus of the article is to reveal the “ontological world view”, or the image of economy before the analytical cognition. The comparison of Сoase’s and Veblen’s works on the firm has confirmed that motivation and behavior of economic man on a market is a central image of economy in the New Institutionalism, while the image of economy in the Old Institutionalism appears as the complex evolutionary system embedded in the institutions and being an integral part of the culture. The future of Institutionalism as an academic subject is seen in the mutually beneficial dialogue between these two approaches.

Keywords:

institutionalism, economy, evolutionary system

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Author Biography

Данила Евгеньевич Расков, St. Petersburg State University, 7–9, Universitetskaya nab., St. Petersburg, 199034, Russian Federation

кандидат экономических наук, доцент

References

Литература на русском языке

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Норт Д. Институты, институциональные изменения и функционирование экономики. М., 1997.

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References in Latin Alphabet

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Hodgson G. Institutional economics: from Menger and Veblen to Coase and North // The Elgar Companion to Economics and Philosophy / Ed. by J.B. Davis, A. Marciano and J. Runde. Edward Elgar Publishing, 2004. P. 84–101.

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Translation of references in Russian into English

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Published

2010-09-30

How to Cite

Расков, Д. Е. (2010). The Image of Economy in the Institutionalism. St Petersburg University Journal of Economic Studies, (3), 032–041. Retrieved from https://economicsjournal.spbu.ru/article/view/3062

Issue

No. 3 (2010)

Section

Economic theory in historical development

License

Articles of the St Petersburg University Journal of Economic Studies are open access distributed under the terms of the License Agreement with Saint Petersburg State University, which permits to the authors unrestricted distribution and self-archiving free of charge.

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