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The future of new institutional economics: from early intuitions to a new paradigm?

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  • MÉNARD, CLAUDE
  • SHIRLEY, MARY M.

Abstract

The trajectory of institutional economics changed in the 1970s when new institutional economics (NIE) began to take shape around some relative vague intuitions which eventually developed into powerful conceptual and analytical tools. The emergence of NIE is a success story by many measures: four Nobel laureates in less than 20 years, increasing penetration of mainstream journals, and significant impacts on major policy debates. This rapid acceptance is remarkable when we consider that it was divided from birth into distinct schools of thought. What will be the future of NIE? Will it be quietly absorbed by mainstream theory, or will it radically transform neoclassical economics into a new paradigm that includes institutions? To address these questions, we follow the sometimes-bumpy road to NIE's current successes and ponder the challenges that lie ahead.

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  • Ménard, Claude & Shirley, Mary M., 2014. "The future of new institutional economics: from early intuitions to a new paradigm?," Journal of Institutional Economics, Cambridge University Press, vol. 10(4), pages 541-565, December.
    • Handle: RePEc:cup:jinsec:v:10:y:2014:i:04:p:541-565_00
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    1. Darcy W E Allen, 2020. "When Entrepreneurs Meet:The Collective Governance of New Ideas," World Scientific Books, World Scientific Publishing Co. Pte. Ltd., number q0269, December.
    2. Csaba, László, 2021. "Az intézményi gazdaságtan megújulása [Institutional economics: the state of art and renewal]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 14-31.
    3. Essiane, Patrick-Nelson Daniel, 2020. "De l'Ancienne Economie Institutionnelle à la Nouvelle Economie Institutionnelle: une introduction à quelques débats [Old Institutional Economics and New Institutional Economics: an Introduction to ," MPRA Paper 102858, University Library of Munich, Germany.
    4. Caballero, Gonzalo, 2015. "Community-based forest management institutions in the Galician communal forests: A new institutional approach," Forest Policy and Economics, Elsevier, vol. 50(C), pages 347-356.
    5. Gui, Emi Minghui & Diesendorf, Mark & MacGill, Iain, 2017. "Distributed energy infrastructure paradigm: Community microgrids in a new institutional economics context," Renewable and Sustainable Energy Reviews, Elsevier, vol. 72(C), pages 1355-1365.
    6. Andile Dube & Sylvester Senyo Horvey, 2023. "Institutional quality and renewable energy capital flows in Africa," Future Business Journal, Springer, vol. 9(1), pages 1-16, December.
    7. Joanna Dzionek-Kozlowska & Rafal Matera, 2016. "Institutions Without Culture. A Critique of Acemoglu and Robinson's Theory of Economic Development," Lodz Economics Working Papers 9/2016, University of Lodz, Faculty of Economics and Sociology.
    8. Lafuente, Esteban & Vaillant, Yancy & Rabetino, Rodrigo, 2023. "Digital disruption of optimal co-innovation configurations," Technovation, Elsevier, vol. 125(C).
    9. Gräbner, Claudius, 2015. "Formal Approaches to Socio Economic Policy Analysis - Past and Perspectives," MPRA Paper 61348, University Library of Munich, Germany.
    10. Fernández-González, Raquel & Puime-Guillén, Félix & Panait, Mirela, 2022. "Multilevel governance, PV solar energy, and entrepreneurship: the generation of green hydrogen as a fuel of renewable origin," Utilities Policy, Elsevier, vol. 79(C).
    11. Frolov, Daniil, 2019. "The manifesto of post-institutionalism: institutional complexity research agenda," MPRA Paper 97662, University Library of Munich, Germany.
    12. Mike W. Peng & Joyce C. Wang & Nishant Kathuria & Jia Shen & Miranda J. Welbourne Eleazar, 2023. "Toward an institution-based paradigm," Asia Pacific Journal of Management, Springer, vol. 40(2), pages 353-382, June.
    13. Zoltán Farkas, 2019. "The concept and coverage of institution," Rationality and Society, , vol. 31(1), pages 70-97, February.
    14. Turner, B. L. II & Meyfroidt, Patrick & Kuemmerle, Tobias & Müller, Daniel & Chowdhury, Rinku Roy, 2020. "Framing the search for a theory of land use," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 15(4), pages 489-508.
    15. David Dequech, 2016. "Some Institutions (Social Norms And Conventions) Of Contemporary Mainstream Economics, Macroeconomics, And Financial Economics," Anais do XLIII Encontro Nacional de Economia [Proceedings of the 43rd Brazilian Economics Meeting] 006, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    16. Vaissière, Anne-Charlotte & Levrel, Harold & Pioch, Sylvain, 2017. "Wetland mitigation banking: Negotiations with stakeholders in a zone of ecological-economic viability," Land Use Policy, Elsevier, vol. 69(C), pages 512-518.
    17. Alessandro Morselli, 2024. "Paolo Sylos-Labini’s Contribution to and Affinities for Institutional Economic Thought," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 2, pages 222-240.
    18. Frolov, Daniil, 2019. "Постинституционализм: Программа Исследований За Пределами Институционального Мейнстрима [Post-institutionalism: research program beyond the institutional mainstream]," MPRA Paper 92328, University Library of Munich, Germany.
    19. Garcia, Marli da Silva & Vilpoux, Olivier François & Cereda, Marney Pascoli, 2021. "Institutional arrangements in the commercialization of electric energy from sugarcane biomass in the Brazilian midwest," Revista de Economia e Sociologia Rural (RESR), Sociedade Brasileira de Economia e Sociologia Rural, vol. 59(3), January.

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