Original Institutional Economics and New Institutional Economics: Revisiting the Bridges (or the Divide)

25 Pages Posted: 30 Apr 2005

Abstract

The purpose of this paper is to present the main differences between New Institutional Economics, NIE, and Original Institutional Economics, OIE, and to question some of the proposals that call for the gap between the two approaches to be bridge. This does not preclude the possibilities of a dialogue. Without ignoring some important theoretical developments in North's work, the author claims that NIE is a school that operates in the periphery of the neoclassical economics paradigm, and shares its ontological and methodological foundations; however these are very different from the evolutionary (Darwinian) economics of Thorstein Veblen. Though the task of integrating the OIE and NIE seems impossible following the road of eclecticism, a dialogue between them could open new perspectives and enrich institutional economics.

Note: Downloadable document is in Spanish.

Keywords: New Institutional Economics, Original Institutional Economics, neoclassical economics, evolutionary economics

JEL Classification: E11, E13, E19

Suggested Citation

Parada, Jairo J., Original Institutional Economics and New Institutional Economics: Revisiting the Bridges (or the Divide). Revista de Economia Institucional, Vol. 5, No. 8, 2003. Available at SSRN: https://ssrn.com/abstract=702585

Jairo J. Parada (Contact Author)

Universidad del Norte ( email )

Km5 Via Puerto Colombia
Carrera 58 # 82-84 Apt 6B
Barranquilla, Atlantico
Colombia

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