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An Overview on Institutionalism and Decentralized Decision-Making

Author

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  • Cioclea, Alexandra Ema

Abstract

Human actions, interactions and decisions should have a certain degree of predictability that can be obtained by establishing rules. Institutions, in general, are defined by sets of rules known by the public and applicable for the community. Their existence is essential for the economic activity, as it cannot develop in a vacuum. At the same time, the type and the quality of institutions make the difference in implementing economic aspirations of individuals and in supporting economic overall growth. Institutions provide a minimum of regulations that in conjunction with the particularities and the interests of individuals and communities become the foundation for economic, political and social decision-making processes.

Suggested Citation

  • Cioclea, Alexandra Ema, 2011. "An Overview on Institutionalism and Decentralized Decision-Making," MPRA Paper 28427, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:28427
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    More about this item

    Keywords

    institutions; institutionalism; decision-making; decentralization;
    All these keywords.

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • D73 - Microeconomics - - Analysis of Collective Decision-Making - - - Bureaucracy; Administrative Processes in Public Organizations; Corruption
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School

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