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03 The New Institutionalisms in Economics and Sociology

Nee, Victor

The Handbook of Economic Sociology, 2005, pp.49-74,727

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  • Nhan đề:
    03 The New Institutionalisms in Economics and Sociology
  • Tác giả: Nee, Victor
  • Chủ đề: Sociology ; Economics ; Economic Conditions & Forecasts ; Social Trends & Culture
  • Là 1 phần của: The Handbook of Economic Sociology, 2005, pp.49-74,727
  • Mô tả: The focus on institutions as a foundational concept in the social sciences has given rise to a variety of new institutionalist approaches. Not since the behavioral revolution of the 1950s has there been so much interest in a cross-disciplinary concept, one that offers a common theme for exchange and debate. In the view of new economic institutionalists, the old institutionalism offered penetrating and insightful descriptions of economic institutions, but ultimately failed in the bid to shape the direction of modern economics. The core concept of the new institutional economics is transaction cost -- the cost of negotiating, securing, and completing transactions in a market economy. The causal model in the new institutional economic sociology integrates a micro-foundation based on an account of the rational pursuit of interests, influenced by social relations and norms, with the idea that each economy has an institutional framework.
  • Ngôn ngữ: English

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