Institutional Economics and Economic Science

Revista de Economia Institucional, Vol 1, November 1999

30 Pages Posted: 11 Nov 2003

See all articles by Jaime Lozano

Jaime Lozano

Secretaria de Hacienda Distrital


This article presents a comparative analysis of the approaches of institutional economics and Walrasian economics. After reviewing the differences between both perspectives, it argues that institutional economics is an alternative, however incomplete, to general equilibrium economics. It compares the way both tendencies conceive the individual, knowledge, efficiency and the economic order, to point out the differences. Some methodological discussion derived from these differences is indicated.

Note: The Downloadable document is in Spanish.

Keywords: Institutional economics, Walrasian economics, economic order

JEL Classification: B52, B53, B59, B49

Suggested Citation

Lozano, Jaime, Institutional Economics and Economic Science. Revista de Economia Institucional, Vol 1, November 1999, Available at SSRN: or

Jaime Lozano (Contact Author)

Secretaria de Hacienda Distrital ( email )


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