The Economics of Institutions and the Institutions of Economics

U of Siena Economics Working Paper No. 359

18 Pages Posted: 9 Dec 2002

See all articles by Ugo Pagano

Ugo Pagano

University of Siena - Department of Economics

Date Written: July 2002

Abstract

Some basic tools of modern approach to the "Economic of Institutions" are shown to be useful to develop an "Economics of Economics" that may throw some light on the nature of the "Institutions of Economics". The "over-supply" of mathematics, that characterizes modern Economics, can be explained by the value that mathematical techniques have as screening and as signalling devices. The emphasis, which is placed on the assumption of maximizing behaviour, is claimed to be one of the most typical example of this type of "overproduction". Economic Research may be biased by the economic incentives of Economists.

Individual economists may have incentives to abate screening costs or to signal abilities that may well diverge from the purpose of Economics to explain and to improve the working of economic systems.

JEL Classification: A11, B41, C60, L31

Suggested Citation

Pagano, Ugo, The Economics of Institutions and the Institutions of Economics (July 2002). U of Siena Economics Working Paper No. 359, Available at SSRN: https://ssrn.com/abstract=326601 or http://dx.doi.org/10.2139/ssrn.326601

Ugo Pagano (Contact Author)

University of Siena - Department of Economics ( email )

Piazza S. Francesco, 7
I-53100 Siena
Italy
+39 057 7232614 (Phone)
+39 057 7232661 (Fax)

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