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The Growth and Decay of Custom: The Role of the New Institutional Economics in Economic History

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  • Basu, Kaushik
  • Jones, Eric
  • Schlicht, Ekkehart

Abstract

Customs and institutions affect and are affected by economic relations and processes. The two-way interaction is particularly important in studying history where the scale of the temporal canvas ensures that very few variables can be treated as parametric. This paper assesses the methodology which attempts the task. In particular it examines the problem of endogenizing customs, evaluates claims for the optimality of institutions, and also comments on the interplay between structural and inertial forces. Recent work in the new institutional economics stresses structural forces, while traditional history emphasizes inertial forces, but on closer analysis these are shown to be complementary.
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Suggested Citation

  • Basu, Kaushik & Jones, Eric & Schlicht, Ekkehart, 1987. "The Growth and Decay of Custom: The Role of the New Institutional Economics in Economic History," Munich Reprints in Economics 3328, University of Munich, Department of Economics.
    • Handle: RePEc:lmu:muenar:3328
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    Cited by:

    1. de Gorter, Harry, 2008. "Explaining Inefficient Policy Instruments," Agricultural Distortions Working Paper Series 48638, World Bank.
    2. Schlicht, Ekkehart, . "Economic Analysis and Organised Religion," Chapters in Economics,, University of Munich, Department of Economics.
    3. Eric Jones, 1997. "China’s Strategie Preferences: Alastair Iain Johnston, Cultural Realism: Strategic Culture and Grand Strategy in Chinese History, Princeton University Press, Princeton, 1995," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 4(4), pages 495-504.
    4. Joseph Siani, 2015. "A Multidimensional Analysis of Poverty using the Fuzzy Set Approach. Evidence from Cameroonian data," Economics Bulletin, AccessEcon, vol. 35(3), pages 2012-2025.
    5. Claude Diebolt & Michael Haupert, 2018. "A cliometric counterfactual: what if there had been neither Fogel nor North?," Cliometrica, Springer;Cliometric Society (Association Francaise de Cliométrie), vol. 12(3), pages 407-434, September.
    6. Jean‐Philippe Platteau, 1989. "Penetration of Capitalism and Persistence of Small‐scale Organizational Forms in Third World Fisheries," Development and Change, International Institute of Social Studies, vol. 20(4), pages 621-651, October.
    7. Goyal, Sanjeev & Janssen, Maarten C. W., 1995. "Dynamic coordination failures and the efficiency of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 28(2), pages 223-239, October.
    8. Schlicht, Ekkehart, . "Koordinationskosten und "Social Capital"," Chapters in Economics,, University of Munich, Department of Economics.
    9. Sergio Parrinello, 2002. "The 'institutional factor' in the theory of international trade: new vs. old trade theories," Chapters, in: Stephan Boehm & Christian Gehrke & Heinz D. Kurz & Richard Sturn (ed.), Is There Progress in Economics?, chapter 15, Edward Elgar Publishing.
    10. Kubler, Dorothea, 2001. "On the Regulation of Social Norms," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 17(2), pages 449-476, October.
    11. Lutfullah Lutf & Shahadat I Haq Yasini, 2018. "Factors Contributing to Child Labor in Afghanistan: A Case Study in Jalalabad City," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 348-372, September.
    12. Kaushik Basu, 1987. "A Theory of Association: Social Status, Prices and Markets," WIDER Working Paper Series wp-1987-020, World Institute for Development Economic Research (UNU-WIDER).
    13. Carnaje, Gideon P., 2007. "Contractual Arrangements in Philippine Fisheries," Discussion Papers DP 2007-22, Philippine Institute for Development Studies.
    14. Basu, Kaushik, 1995. "Civil institutions and evolution: Concepts, critique and models," Journal of Development Economics, Elsevier, vol. 46(1), pages 19-33, February.
    15. Alice Sindzingre, 2005. "Explaining Threshold Effects of Globalization on Poverty: an Institutional Perspective," WIDER Working Paper Series RP2005-53, World Institute for Development Economic Research (UNU-WIDER).
    16. Kaushik Basu, 1987. "Technological Stagnation, Tenurial Laws and Adverse Selection," WIDER Working Paper Series wp-1987-014, World Institute for Development Economic Research (UNU-WIDER).
    17. Schmid, Günther, 1989. "Die neue institutionelle Ökonomie: Königsweg oder Holzweg zu einer Institutionstheorie des Arbeitsmarktes?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, issue 3, pages 386-408.
    18. Yanchao Du & Hengyu Zhou & Yongbo Yuan & Hong Xue, 2019. "Exploring the Moral Hazard Evolutionary Mechanism for BIM Implementation in an Integrated Project Team," Sustainability, MDPI, vol. 11(20), pages 1-28, October.
    19. Kaushik Basu, 2016. "Beyond the Invisible Hand: Groundwork for a New Economics," Economics Books, Princeton University Press, edition 1, number 9299.
    20. Cramb, Rob A., 1993. "The Evolution of Property Rights to Land in Sarawak: An Institutionalist Perspective," Review of Marketing and Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 61(02-2), pages 1-12, August.

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    JEL classification:

    • N0 - Economic History - - General
    • B4 - Schools of Economic Thought and Methodology - - Economic Methodology

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