Institutional Economics: From Basic Concepts to Contemporary Contradictions
- Authors: Kushnir A.M.1,2,3
-
Affiliations:
- Financial University under the Government of the Russian Federation
- A. N. Kosygin Russian State University (Technology. Design. Art)
- Russian University of Transport (RUT-MIIT)
- Issue: Vol 19, No 2 (2023)
- Pages: 176-183
- Section: Economic Theory
- URL: https://journals.eco-vector.com/2541-8025/article/view/568525
- ID: 568525
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Abstract
The purpose of this study is to analyze the evolution and current state of institutional economics, to clarify its subject area, and to identify relevant problems. As a result, it was shown that modern institutional economics is one of the most productive and contradictory scientific fields. On the one hand, by combining the methods of various social sciences, it has offered effective tools for the solution of certain problems, has extended the economic approach to many spheres of life, has promoted the coordination of contradictory economic interests. It took into account the achievements of normative, ethical, informational, evolutionary, game, transactional, contractual and organizational approaches. On the other hand, due to the increased availability of data and the use of computational methods, institutional economics has been enriched by results in the areas of institutional diversity, institutional change, the study of the impact of institutional quality on inequality problems, and the role of individual economic actors. However, the degree of rationality of individual behavior, the impact of economic institutions on increasing imbalances in the distribution of wealth and power, the implementation of mechanisms of institutional change, and the transplantation of effective economic institutions remain debatable.
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About the authors
Andrei M. Kushnir
Financial University under the Government of the Russian Federation; A. N. Kosygin Russian State University (Technology. Design. Art); Russian University of Transport (RUT-MIIT)
Author for correspondence.
Email: Ku7@bk.ru
ORCID iD: 0000-0002-4318-0190
Scopus Author ID: 57219595324
Professor; Professor, Department of Mass Communication and Media Business, Financial University under the Government of the Russian Federation; Professor, Department of Economics and Management, A. N. Kosygin Russian State University (Technology. Design. Art); Professor of the Department of Customs Law and Organization of Customs Affairs Law Institute
Russian Federation, Moscow; Moscow; MoscowReferences
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