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Since the age of mercantilism, the studies performed by most schools of economics have involved the issues of economic institution in varying degrees. As neoclassical economics excluded institution from their framework of theoretical assumptions, a critical flaw has been created in their economic studies. It was the Institutional School, Neo-institutional Economic School, and New Institutional Economic School that really started to treat the subject of institution, that is, the formation of institutions and the laws governing institutional evolution, as their proper object of research.

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Existing Studies on Institutions: The Pros and Cons

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  • 发表日期：

    2025年

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  • Bi Fan

摘要

Since the age of mercantilism, the studies performed by most schools of economics have involved the issues of economic institution in varying degrees. As neoclassical economics excluded institution from their framework of theoretical assumptions, a critical flaw has been created in their economic studies. It was the Institutional School, Neo-institutional Economic School, and New Institutional Economic School that really started to treat the subject of institution, that is, the formation of institutions and the laws governing institutional evolution, as their proper object of research.