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Papers
The new institutional economics. Origins, theoretical bases and challenges
Published 2021-06-29
Versions
- 2022-05-07 (2)
- 2021-06-29 (1)
Keywords
- New economic institutionalism,
- transaction costs,
- governance
How to Cite
Mercado León, L. (2021). The new institutional economics. Origins, theoretical bases and challenges. Aglala, 12(1). Retrieved from https://revistas.uninunez.edu.co/index.php/aglala/article/view/1848
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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References
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Coase, R. H. (1988). Ronald Coase - The Firm, the Market, and the Law-University of Chicago Press. (University of Chicago Press (ed.)).
Collier, J., Roberts, J. (2001). An Ethic for Corporate Governance ? Cambridge University Press, 11(1), 67–71. https://www.jstor.org/stable/3857869
Echeverría, R. (2003). Ontología del Lenguaje (E. JC Sáez (ed.); Sexta).
Furubotn, E. G., & Richter, R. (2010). Economics, Cognition, And Society : Institutions and Economic Theory : The Contribution of the New Institutional Economics. In Institutions and Economic Theory : The Contribution of the New Institutional Economics (p. 673).
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118(1), 107–155. https://doi.org/10.1162/00335530360535162
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Hodgson, G. (2006). What are institutions? Journal Of Economy Issues, 40(1), 1–25. https://doi.org/10.32609/0042-8736-2007-8-28-48
Hodgson, G. M. (2011). ¿Qué son las instituciones? Revista CS (Ciencias Sociales), 40(8), 17–53.
Jensen, M., & Meckling, W. (1976). Theory of the firm: managerial behavior, agency cos ts and owners hip s tructure. 3, 305–360.
Joskow, P. L. (1988). Asset specificity and the structure of vertical relationships: Empirical evidence. Journal of Law, Economics, and Organization, 4(1), 95–117. https://doi.org/10.1093/oxfordjournals.jleo.a036950
Klein, B. (1988). Vertical integration as organizational ownership: The fisher body-general motors relationship revisited. Journal of Law, Economics, and Organization, 4(1), 199–213. https://doi.org/10.1093/oxfordjournals.jleo.a036945
Klein, P. (1998). New Institutional Economics (Vol. 59).
Klein, P. (1999). New Institucional Economics. 456–486.
Larcker, D. F., & Richardson, S. A. (2007). Corporate Governance, Accounting Outcomes, and Organizational Performance. The Accounting Review, 82(4), 963–1008.
López-Fernández, U. (2018). Oliver Williamson y la gobernanza económica. EXtoikos, 21, 33–36. https://dialnet.unirioja.es/servlet/oaiart?codigo=6867838%0Ahttps://dialnet.unirioja.es/servlet/oaiart?codigo=6867838
Lucarelli, A., & Berg, P. (2011). City branding: A state-of-the-art review of the research domain. Journal of Place Management and Development, 4(1), 9–27. https://doi.org/10.1108/17538331111117133
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Macneil, I. (1978). Contracts: Adjustment of Long-Term Economic Relations Under Classical, Neoclassical, and Relational Contract Law (Vol. 78).
Ménard, C., & Shirley, M. (2008). Handbook of New Institutional Economics (Springer (ed.)). www.springer.com
North, D. C. (1991). Institutions. The Journal of Economic Perspectives, 5(1), 97–112.
Parada, J. (2003). Economía institucional original y nueva economía institucional semejanzas y diferencias. Revista de Economía Institucional, 5(8), 92–116.
Parada, J. (2005). Economía Institucional Original: Una introducción necesaria *. https://www.uninorte.edu.co/documents/228749/0/Economía+Institucional+Original
Parada, J. (2011). Parada Corrales, J. (2011). Instituciones, desarrollo y regiones: el caso de Colombia. (Universida). https://ezproxy.uninorte.edu.co:6051/es/ereader/unorte/69838?page=1
Palma Cardoso, E., Caycedo Riaño, M., Guzmán, R. A., Varón Giraldo, O., & Ruíz Conde, S. (2019). Estrategias de mejoramiento a partir de la responsabilidad social y ambiental en los procesos de producción en la agroindustria arrocera del sur oriente del Tolima. Aglala, 10(2), 38-59. http://revistas.curnvirtual.edu.co/index.php/aglala/article/view/1431
Pratten, S. (2014). Social ontology and modern economics. In Social Ontology and Modern Economics. https://doi.org/10.4324/9781315780900
Rosen, S. (1987). Transactions Costs and Internal Labor Markets. 2407.
Sapra, H., Subramanian, A., & Subramanian, K. V. (2014). Corporate governance and innovation: Theory and evidence. Journal of Financial and Quantitative Analysis, 49(4), 957–1003. https://doi.org/10.1017/S002210901400060X
Stephen, F. (2018). 2. New Institutional Economics. In In Law and Development (pp. 15–44).
Williamson, O. E. (1988). The logic of economic organization. Journal of Law, Economics, and Organization, 4(1), 65–93. https://doi.org/10.1093/oxfordjournals.jleo.a036949
Williamson, O. E. (1995). Hierarchies, markets and power in the economy : An economic perspective. Industrial and Corporate Change, 4(1), 21–49. https://doi.org/10.1093/icc/4.1.21
Williamson, O. (1979). Transaction-Cost Economics : The Governance of Contractual Relations. The Journal of Law & Economics, 22(2), 233–261.
Williamson, Oliver. (1971). The Vertical Integration of Production: Market Failure Considerations. The American Economic Review, 61(2), 112–123. https://www.jstor.org/stable/1816983
Williamson, Oliver. (1985). The Economic Institutions of Capitalism. In The Free Press. The Free Press, a Division of Macmillan.
Williamson, Oliver. (1999). Strategy Research: Governance and Competence Perspectives. Journal of Chemical Information and Modeling, 20(9), 1087–1108.
Williamson, Oliver. (2005). The Economics Of Governance. American Economic Review, 95(No 2), 1–18. https://doi.org/10.1257/000282805774669880
Williamson, Oliver. (2009). Transaction Cost Economics. Handbook of New Institutional Economics, 2, 41–65. https://doi.org/10.1007/978-3-540-69305-5_4
Williamson, Oliver. (2010). Transaction Cost Economics: The Origins. Journal of Retailing, 86(3), 227–231. https://doi.org/10.1016/j.jretai.2010.07.006
Williamson, Oliver, & Ghani, T. (2012). Transaction cost economics and its uses in marketing. Journal of the Academy of Marketing Science, 40(1), 74–85. https://doi.org/10.1007/s11747-011-0268-z
Wlliamson, O. (2005). The Economics of Governance. The American Economic Review, 95(2), 1–18.
Al-Najjar, B. (2014). Corporate governance, tourism growth and firm performance: Evidence from publicly listed tourism firms in five Middle Eastern countries. Tourism Management, 42, 342–351. https://doi.org/10.1016/j.tourman.2013.09.008
Ayala-Espino, J. (1999). Instituciones_y_Economía_Una_Introducción_al Neoinstitucionalismo Económico. Fondo de Cultura Económica.
Berger, Peter ; Luckmann, T. (2001). La Construcción Social de la Realidad (Amorrortu Editores (ed.); 17a Edició).
Bernal Payares, O. (2017). Evolución del proceso administrativo desde los orígenes de la revolución industrial y su fundamento como una función del administrador. Enfoque Disciplinario, 2(1), 1-14. Recuperado a partir de http://enfoquedisciplinario.org/revista/index.php/enfoque/article/view/9
Bhagat, S., & Bolton, B. (2008). Corporate governance and firm performance. 14, 257–273. https://doi.org/10.1016/j.jcorp
Coase, R. H. (1937). The Nature of the Firm. Economica, 4(16), 386–405. https://doi.org/10.1111/j.1468-0335.1937.tb00002.x
Coase, R. H. (1988). Ronald Coase - The Firm, the Market, and the Law-University of Chicago Press. (University of Chicago Press (ed.)).
Collier, J., Roberts, J. (2001). An Ethic for Corporate Governance ? Cambridge University Press, 11(1), 67–71. https://www.jstor.org/stable/3857869
Echeverría, R. (2003). Ontología del Lenguaje (E. JC Sáez (ed.); Sexta).
Furubotn, E. G., & Richter, R. (2010). Economics, Cognition, And Society : Institutions and Economic Theory : The Contribution of the New Institutional Economics. In Institutions and Economic Theory : The Contribution of the New Institutional Economics (p. 673).
Gompers, P., Ishii, J., & Metrick, A. (2003). Corporate governance and equity prices. Quarterly Journal of Economics, 118(1), 107–155. https://doi.org/10.1162/00335530360535162
Gónzalez, J. I. (1998). Arrow: La Elección, Los Valores y La Ideología del Mercado. Cuaderno de Economía, 28, 27–81.
Hodgson, G. (2006). What are institutions? Journal Of Economy Issues, 40(1), 1–25. https://doi.org/10.32609/0042-8736-2007-8-28-48
Hodgson, G. M. (2011). ¿Qué son las instituciones? Revista CS (Ciencias Sociales), 40(8), 17–53.
Jensen, M., & Meckling, W. (1976). Theory of the firm: managerial behavior, agency cos ts and owners hip s tructure. 3, 305–360.
Joskow, P. L. (1988). Asset specificity and the structure of vertical relationships: Empirical evidence. Journal of Law, Economics, and Organization, 4(1), 95–117. https://doi.org/10.1093/oxfordjournals.jleo.a036950
Klein, B. (1988). Vertical integration as organizational ownership: The fisher body-general motors relationship revisited. Journal of Law, Economics, and Organization, 4(1), 199–213. https://doi.org/10.1093/oxfordjournals.jleo.a036945
Klein, P. (1998). New Institutional Economics (Vol. 59).
Klein, P. (1999). New Institucional Economics. 456–486.
Larcker, D. F., & Richardson, S. A. (2007). Corporate Governance, Accounting Outcomes, and Organizational Performance. The Accounting Review, 82(4), 963–1008.
López-Fernández, U. (2018). Oliver Williamson y la gobernanza económica. EXtoikos, 21, 33–36. https://dialnet.unirioja.es/servlet/oaiart?codigo=6867838%0Ahttps://dialnet.unirioja.es/servlet/oaiart?codigo=6867838
Lucarelli, A., & Berg, P. (2011). City branding: A state-of-the-art review of the research domain. Journal of Place Management and Development, 4(1), 9–27. https://doi.org/10.1108/17538331111117133
Macneil, I. (1974). The Many Futures of Contracts (U. of S. California (ed.); Vol. 1).
Macneil, I. (1978). Contracts: Adjustment of Long-Term Economic Relations Under Classical, Neoclassical, and Relational Contract Law (Vol. 78).
Ménard, C., & Shirley, M. (2008). Handbook of New Institutional Economics (Springer (ed.)). www.springer.com
North, D. C. (1991). Institutions. The Journal of Economic Perspectives, 5(1), 97–112.
Parada, J. (2003). Economía institucional original y nueva economía institucional semejanzas y diferencias. Revista de Economía Institucional, 5(8), 92–116.
Parada, J. (2005). Economía Institucional Original: Una introducción necesaria *. https://www.uninorte.edu.co/documents/228749/0/Economía+Institucional+Original
Parada, J. (2011). Parada Corrales, J. (2011). Instituciones, desarrollo y regiones: el caso de Colombia. (Universida). https://ezproxy.uninorte.edu.co:6051/es/ereader/unorte/69838?page=1
Palma Cardoso, E., Caycedo Riaño, M., Guzmán, R. A., Varón Giraldo, O., & Ruíz Conde, S. (2019). Estrategias de mejoramiento a partir de la responsabilidad social y ambiental en los procesos de producción en la agroindustria arrocera del sur oriente del Tolima. Aglala, 10(2), 38-59. http://revistas.curnvirtual.edu.co/index.php/aglala/article/view/1431
Pratten, S. (2014). Social ontology and modern economics. In Social Ontology and Modern Economics. https://doi.org/10.4324/9781315780900
Rosen, S. (1987). Transactions Costs and Internal Labor Markets. 2407.
Sapra, H., Subramanian, A., & Subramanian, K. V. (2014). Corporate governance and innovation: Theory and evidence. Journal of Financial and Quantitative Analysis, 49(4), 957–1003. https://doi.org/10.1017/S002210901400060X
Stephen, F. (2018). 2. New Institutional Economics. In In Law and Development (pp. 15–44).
Williamson, O. E. (1988). The logic of economic organization. Journal of Law, Economics, and Organization, 4(1), 65–93. https://doi.org/10.1093/oxfordjournals.jleo.a036949
Williamson, O. E. (1995). Hierarchies, markets and power in the economy : An economic perspective. Industrial and Corporate Change, 4(1), 21–49. https://doi.org/10.1093/icc/4.1.21
Williamson, O. (1979). Transaction-Cost Economics : The Governance of Contractual Relations. The Journal of Law & Economics, 22(2), 233–261.
Williamson, Oliver. (1971). The Vertical Integration of Production: Market Failure Considerations. The American Economic Review, 61(2), 112–123. https://www.jstor.org/stable/1816983
Williamson, Oliver. (1985). The Economic Institutions of Capitalism. In The Free Press. The Free Press, a Division of Macmillan.
Williamson, Oliver. (1999). Strategy Research: Governance and Competence Perspectives. Journal of Chemical Information and Modeling, 20(9), 1087–1108.
Williamson, Oliver. (2005). The Economics Of Governance. American Economic Review, 95(No 2), 1–18. https://doi.org/10.1257/000282805774669880
Williamson, Oliver. (2009). Transaction Cost Economics. Handbook of New Institutional Economics, 2, 41–65. https://doi.org/10.1007/978-3-540-69305-5_4
Williamson, Oliver. (2010). Transaction Cost Economics: The Origins. Journal of Retailing, 86(3), 227–231. https://doi.org/10.1016/j.jretai.2010.07.006
Williamson, Oliver, & Ghani, T. (2012). Transaction cost economics and its uses in marketing. Journal of the Academy of Marketing Science, 40(1), 74–85. https://doi.org/10.1007/s11747-011-0268-z
Wlliamson, O. (2005). The Economics of Governance. The American Economic Review, 95(2), 1–18.