Bored by the economy... (Two sides of institutionalism)

TERRA ECONOMICUS, , Vol. 11 (no. 2.1),
p. 5-10

Institutionalism has firmly established among the social sciences, and it’s rather hard today to find an article or a dissertation that can do without (more or less appropriate) the smart adjective – «institutional». Yet, adherents of classical economic school are still embarrassed and on the look-out about the new theory. Certainly, no sane economist would deny that activity of social organizations is affected not only by the influence of economic factors: social factors, including social institutions, make the «social environment» in which these social organizations work. But the approaches of economists and institutionalists to social processes distinguish in another aspect – namely, in assessment of these factors. While economists consider the influence of economic factors to be the primary ones, that is, determinative for institutional factors (as the secondary ones) as well, – institutionalists aim at institutional factors’ description as equal to economic factors. Such a standpoint favours the institutional theory to be lifted in the hierarchy of social sciences. What are, then, the « pluses» and the «minuses» of institutionalism? The author focuses on general and special features of the methodology of economic and institutional knowledge.

Keywords: institutional theory; methodology of social analysis; economic theory

Publisher: Southern Federal University
Founder: Southern Federal University
ISSN: 2073-6606