Heterodox economics Heterodox economics Evolutionary economics is a relatively new economic methodology that is modeled on biology. It stresses complex interdependencies, competition, growth, and resource constraints. ...more on Wikipedia about "Evolutionary economics"
Heterodox economics refers to schools of economic thought which do not conform to the mainstream paradigm of neoclassical economics. ...more on Wikipedia about "Heterodox economics"
Institutional economics is a school of heterodox economics, with a focus going beyond economics' usual concentration on markets to the exclusion of all else. Instead it looks more closely at human-made institutions and views markets as a result of the complex interaction of these various insitutions (e.g. individuals, firms, states, social norms etc) . With the development of theories of asymmetric and distributed information an attempt was made to integrate institutionalism into neoclassical economics, under the title new institutional economics. However, this latter variant of institutionalism failed to supercede the classical school, because (heterodox economists argue) it was heir to all the flaws of neoclassical economics. Specifically, new institutional economics failed to avoid criticisms of reductionism and lack of realism: these were levelled at neoclassical economics for effectively ignoring institutions, and at new institutional economics for attempting to reduce institutions to 'rational' and 'efficient' resolutions to the problem of transactions costs. Modern institutionalism is thus sharply divided between new institutional economics represented by people like Nobel Prizewinner Douglass North and institutional political economy (an approach opposed to neoclassical economics) and its political adjunct neoliberalism chiefly associated with the Berkley sociologist Peter Evans and the Cambridge economist Ha-Joon Chang. ...more on Wikipedia about "Institutional economics"
New institutional economics is a school of heterodox economics, which builds on "old" institutional economics arguments about the embeddedness of economic activity in social and legal institutions, using Ronald Coase's fundamental insight about the critical role that transaction costs play in determining economic structures and performance. The ubiquity of transaction costs necessarily influences the structure of institutions including legal institutions and the choices individuals make. ...more on Wikipedia about "New institutional economics"
This article is licensed under the GNU Free Documentation License.
It uses material from the Wikipedia . Direct links to the original articles are in the text.
If you use exact copy or modified of this article you should preserve above paragraph and put also : It uses material from
the Shortopedia article about "Heterodox economics".
| MAIN PAGE | MAIN INDEX | CONTACT US |