Email this article Historical specificity or universality? The role of economic history in institutional and neo-institutional economics
Abstract
This article attempts a comparative presentation of two institutional traditions in economics,
the Old and the New Institutional. Emphasis is given in their common central subject, institutions,
and their role in economic evolution. An attempt is also made to pinpoint their fundamental
differences with reference to their attempts at explorating the economic past. The interrogation
takes place in three parts. Part 1 examines the way in which the two traditions tackle the
questions of the effects of institutions on economic activity and the causes of economic change.
Part 2 investigates the question of economic and institutional change and the influence of politics
on economic activity. Finally, in part 3, the basic conclusions are reported and an evaluation
of the two approaches is made.
the Old and the New Institutional. Emphasis is given in their common central subject, institutions,
and their role in economic evolution. An attempt is also made to pinpoint their fundamental
differences with reference to their attempts at explorating the economic past. The interrogation
takes place in three parts. Part 1 examines the way in which the two traditions tackle the
questions of the effects of institutions on economic activity and the causes of economic change.
Part 2 investigates the question of economic and institutional change and the influence of politics
on economic activity. Finally, in part 3, the basic conclusions are reported and an evaluation
of the two approaches is made.
Keywords
Institutional economics; Right of property
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