Economics, Econometrics and Finance
4 years ago

New Institutional Economics Fails to Break from Neoclassical Paradigm, Perpetuating Flawed Assumptions

2 views
Economic and business review
Surveying the Methodological and Analytical Foundations of the New Institutional Economics: A Critical Comparison with Neoclassical and (Old) Institutional Economics
Giorgos Meramveliotakis

Paper Summary

The article compares different economic theories to understand how institutions function. It shows that the New Institutional Economics is closely related to traditional neoclassical economics. However, it also highlights that the Old and New Institutional Economics have different ways of looking at institutions.

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