On the Problem of Institutions in Evolutionary Economics

This chapter begins with a recapitulation of what evolution is and, based on a theoretical-historical discussion of evolutionary economics and institutional economics, presents a view toward “an institutionalist turn” in economics and the symbiotic development of evolutionary and institutional economics. Specifically, first, four core concepts in discussing institutions and evolution will be examined: what institutions are, the significance of institutions, institutional complementarity and diversity, and micro-macro loop. Then, explanations of theories of institutional diversity and institutional change will be confirmed through comparative institutional analysis and régulation theory. Finally, using the three-level approach to institutional analysis proposed by M. Aoki as an auxiliary line, the recent works of R. Boyer and S. Bowles will be discussed, again identifying the core of the emerging ideas on institutions and evolution.