Vol. 12 No. 1 (2021): Aglala Journal
Papers

The new institutional economics. Origins, theoretical bases and challenges

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Lino Mercado León
Cartagena University

Published 2021-06-29 — Updated on 2022-05-07

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Keywords

  • New economic institutionalism,
  • transaction costs,
  • governance

How to Cite

Mercado León, L. (2022). The new institutional economics. Origins, theoretical bases and challenges. Aglala, 12(1), 304–317. Retrieved from https://revistas.uninunez.edu.co/index.php/aglala/article/view/1848 (Original work published June 29, 2021)
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Abstract

The following reflection paper aims to review the theoretical postulates of the New Economic Institutionalism (NIE), from its foundations to the relevant issues. It clarifies its main characteristics and disagreements with respect to the Original Classical Institutionalism (Veblen-Ayres tradition). It focuses on the historicity of the Coase/Williamson theoretical enterprise, the importance of the institutional logos and the description of its basic unit: transaction costs. It welcomes literature from its primary exponents and more rigorous researchers associated with the NIE agenda. It raises some issues that could oxygenate the NIE agenda, opening spaces for stimulating academic debate in the future research section.

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