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Bringing Institutions Into Evolutionary Economics: Another View with Links to Changes in Physical and Social Technologies

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Like Nelson (2002), I make a case for bringing institutions into evolutionary economics. But unlike Nelson, who defines institutions as social technologies consisting of rules-routines, I define them in agreement with North (1990) as humanly devised rules-constraints — such as formal law and informal social norms — but also view them, to accommodate most of Nelson's approach, as constraining the variety of rules-routines employable by agents. I show that this definition has advantages for communicating with modern institutional analysis, for clarifying how institutions can influence, and be influenced by, changes in physical and social technologies, and for producing policy implications.

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  • Pelikan, Pavel, 2003. "Bringing Institutions Into Evolutionary Economics: Another View with Links to Changes in Physical and Social Technologies," Ratio Working Papers 24, The Ratio Institute.
    • Handle: RePEc:hhs:ratioi:0024
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    1. Robert Sugden, 2005. "Spontaneous Order," Palgrave Macmillan Books, in: The Economics of Rights, Co-operation and Welfare, chapter 1, pages 1-9, Palgrave Macmillan.
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    More about this item

    Keywords

    institutions; rules-constraints; rules-routines; social technologies; economic evolutions;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods

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