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Comentarios sobre el enfoque de la Economía Institucional
[Comments on the approach of Institutional Economics]

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  • Loaiza Quintero, Osmar Leandro

Abstract

The aim of this paper is to offer a general overview of the institutionalist approach to economics, hoping to make clear some of its main advantages as a framework of study of the economic process. In doing so, a brief exposition about some of the weaknesses of neoclassical economics will be performed in latter sections of the article -being one of them the ignorance of its own implicit value premises. The paper concludes that the advantages of the institutionalist framework are anchored on the fact that it offers a broader perspective about the social system, a more plausible hypothesis than the equilibrium one about the functioning of the social system -the cumulative circular causation-, a cautious treatment of quantitative analysis, and the recognition of the impossibility to avoid value premises in scientific analysis.

Suggested Citation

  • Loaiza Quintero, Osmar Leandro, 2007. "Comentarios sobre el enfoque de la Economía Institucional [Comments on the approach of Institutional Economics]," MPRA Paper 14047, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:14047
    as

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    References listed on IDEAS

    as
    1. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
    2. Asso, Pier Francesco & Fiorito, Luca, 2004. "Human Nature and Economic Institutions: Instinct Psychology, Behaviorism, and the Development of American Institutionalism," Journal of the History of Economic Thought, Cambridge University Press, vol. 26(4), pages 445-477, December.
    3. Salomón Kalmanovitz, 2003. "El neoinstitucionalismo como escuela," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 5(9), pages 189-212, July-Dece.
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    More about this item

    Keywords

    Institutional economics; Gunnar Myrdal; value premises; economic methodology; transdisciplinary;
    All these keywords.

    JEL classification:

    • B40 - Schools of Economic Thought and Methodology - - Economic Methodology - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines

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