A Multiplicity of Approaches to Institutional Analysis: Applications to the Government and the Arts

21 Pages Posted: 30 Jul 2009

Multiple version iconThere are 2 versions of this paper

Date Written: July 1, 2009

Abstract

Four types of 'economics' relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of Neoclassical Economics with elements from other social sciences (including political science, sociology, psychology, law and anthropology) is fruitful to explain institutions because it allows us to maintain the strength of that approach. Social Economics can play an important role helping to overcome the limitations of Neoclassics. However, it should become more concrete, integrate what is useful in Neoclassics, and should seriously engage in empirical research.

Keywords: Institutional Economics, Neoclassics, Psychological Economics, Behavioural Economics, institutions

JEL Classification: H77, P16, Z11

Suggested Citation

Frey, Bruno S., A Multiplicity of Approaches to Institutional Analysis: Applications to the Government and the Arts (July 1, 2009). CESifo Working Paper Series No. 2727. Available at SSRN: https://ssrn.com/abstract=1441186

Bruno S. Frey (Contact Author)

CREMA ( email )

Südstrasse 11
Zurich, CH 8008
Switzerland
+41 44 380 00 78 (Phone)

University of Basel ( email )

Peter Merian-Weg 6
Basel, 4002
Switzerland

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