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The management approach of the new institutional economics

Author

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  • Bartosz Stelter

    (Nicolaus Copernicus University in Torun)

Abstract

Motivation: The role of corporations in the modern economy is extremely important, in addition, the widely observed oligopolistic markets gave birth to the need for the formulation of the theoretical concept of undertaking explanatory way of large companies, with particular emphasis on the basic objective of the company and the role they play in the markets. The aim of the work is to present alternatives to the traditional neoclassical concept of enterprises, management theory and their critical assessment, as well as an indication of the application values of managerial recognition proceedings of enterprises with an emphasis on the form of its operation. In this work there were presented mainly the views of O.E. Williamson, on the aggregate concept of operation of the company in the light of the theory of transaction costs. Aim: The aim of the article is the analysis of enterprise under the new institutional economics in respect of management science, and to show the intermingling of economics and management, and an attempt to justify the need of their connection. In the article there has been used the world literature and it has been examined for adequacy and being up-to-date to the theme proposed in the article. Results: Most of the discussion in the mainstream of new institutional economics provides indications on the ways and means of raising the efficiency of the sector by striving to achieve aka the institutional balance. New institutional economics offers a fresh look at the decision-making process in organizations; it shows the complexity of this process and indicates the items that have not been previously included, and whose role in this process can be significant. Institutional analysis applies to phenomena and processes, which occur in organizations and its use can lead to beneficial results for them.

Suggested Citation

  • Bartosz Stelter, 2019. "The management approach of the new institutional economics," Ekonomia i Prawo, Uniwersytet Mikolaja Kopernika, vol. 18(1), pages 73-81, March.
    • Handle: RePEc:cpn:umkeip:v:18:y:2019:i:1:p:73-81
    DOI: 10.12775/EiP.2019.006
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    References listed on IDEAS

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    3. Selma Sevinç ORHAN, 2016. "In the New Institutional Economics Approach R. Coase and Law, D. North and Social Psychology Context: Pluralist Approach Opportunities in Economics," Sosyoekonomi Journal, Sosyoekonomi Society, issue 24(28).
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    5. Buchanan, James M, 1991. "Economics in the Post-Socialist Century," Economic Journal, Royal Economic Society, vol. 101(404), pages 15-21, January.
    6. Jean-Michel Glachant, 2014. "Governance in Network Industries: Lessons Learnt from New Institutional Economics," RSCAS Working Papers 2014/67, European University Institute.
    7. Dzionek-Kozłowska Joanna & Matera Rafał, 2015. "New Institutional Economics’ Perspective on Wealth and Poverty of Nations. Concise Review and General Remarks on Acemoglu and Robinson’s Concept," Scientific Annals of Economics and Business, Sciendo, vol. 62(s1), pages 11-18, October.
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    More about this item

    Keywords

    utility management; the concept of O.E. Williamson; the concept of R. Coase; transaction costs; agency theory; multi-divisional form;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • H77 - Public Economics - - State and Local Government; Intergovernmental Relations - - - Intergovernmental Relations; Federalism

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