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The taming of institutions in economics: the rise and methodology of the ‘new new institutionalism’

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  • SPIEGLER, PETER
  • MILBERG, WILLIAM

Abstract

We examine the origin and methodology of a ‘New New Institutional Economics’ (NNIE) – an emerging research agenda distinguished by its attempt to account for the role of institutions in complex socio-economic change by formally modeling institutions as the background conditions to parameterized cost–benefit calculations. The NNIE expands the application of economic modeling tools to new areas of inquiry, models institutional outcomes with parsimony and mathematical rigor, and introduces political and economic power, thereby allowing for consideration of institutional change that is not Pareto improving. Using a four-part analytical framework, we find that the explanatory power of NNIE analysis derives not from its formal models, but from a more vague, nuanced, and narrative version of the formal models, which we call ‘Quasi-Models’. We find that the NNIE's formal models are too parsimonious to meaningfully illuminate the complex institutions they ostensibly represent.

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  • Spiegler, Peter & Milberg, William, 2009. "The taming of institutions in economics: the rise and methodology of the ‘new new institutionalism’," Journal of Institutional Economics, Cambridge University Press, vol. 5(3), pages 289-313, December.
    • Handle: RePEc:cup:jinsec:v:5:y:2009:i:03:p:289-313_99
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    Cited by:

    1. Peter Spiegler & William Milberg, 2011. "Methodenstreit 2011? Historical perspective on the contemporary debate over how to reform economics," Working Papers 1106, New School for Social Research, Department of Economics.
    2. Diana Dmitrievna Burkaltseva & Oleg Valerievich Boychenko & Olga Sergeevna Sivash & Nicholas Maksimovich Mazur & Snezhana Anatolyevna Zotova & Aleksey Valeryevich Novikov, 2017. "The Construction of the Digital Organizational, Social and Economic Production Mechanism in the Agro-industry," European Research Studies Journal, European Research Studies Journal, vol. 0(4B), pages 350-365.
    3. Vitaliy Vasilievich Biryukov & Elena Vasilievna Romanenko, 2017. "Economic Behavior of Business Entities, Culture and Institutions: Specifics of their Interrelations in Conditions of Neo-Industrialization," European Research Studies Journal, European Research Studies Journal, vol. 0(4A), pages 370-385.
    4. Joanna Dzionek-Kozłowska & Rafał Matera, 2016. "O poszukiwaniu przyczyn bogactwa i nędzy narodów w teorii Darona Acemoglu i Jamesa A. Robinsona," Gospodarka Narodowa. The Polish Journal of Economics, Warsaw School of Economics, issue 5, pages 5-26.
    5. 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.
    6. Frolov, Daniil, 2019. "The manifesto of post-institutionalism: institutional complexity research agenda," MPRA Paper 97662, University Library of Munich, Germany.
    7. Frolov, Daniil, 2018. "Постинституционализм: За Пределами Институционального Мейнстрима [Post-institutionalism: Beyond the Institutional Mainstream]," MPRA Paper 90287, University Library of Munich, Germany.
    8. 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.

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