Pushkinskaya st. 43. office 10
Rostov-on-Don, Russia
344082
e-mail: info@hjournal.ru 
tel. +7(863) 269-88-14

cubsEN (2)

From pleasure machines to moral communities (reflections on a new book by Jeffrey Hodgson)

From pleasure machines to moral communities (reflections on a new book by Jeffrey Hodgson)

Journal of Institutional studies, , Vol. 5 (no. 2),
p. 7-47

Academic economists have a strong influence on political discourse in Russia by delivering through courses of "Economic theory" and "Institutional economics" very harmful conceptual elements for political discourse. This article proposes to change radically these courses in such a way that, instead of self-interest of the economic man, consideration of social relations exclusively through the prism of exchange, society and community as fictions, the state as a bandit and the opportunistic behavior as a norm, they would provide students with very different images of socio-economic interactions. Discursive paradigm in economics, the foundations of which were laid by John Commons, allows us to take another look at the institutions, transactions, contractual relationships, property, enterprises, and institutional change, and the contemporary communitarian philosophy (Michael Sandel, Alasdair Macintyre, Charles Taylor) and the historical, discursive and constructivist institutionalism in political science (Theda Skocpol, Vivien Schmidt, Colin Hay) make it possible to have different interpretations of the state, law, and civil society. This article calls for a return of institutional economics to the humanistic position of its founders and for a strong critic of the so-called "new institutional economics" and "new political economy". The author, following John Dewey, proposes to economists to feed by the results of their empirical research an enlarged political discourse, which will involve the general public. Among these empirical studies the institutional monitoring should play a central role. Performing institutional monitoring means doing research in the framework of the discursive paradigm, which is ontologically and epistemologically the adequate form of research for understanding the socio-economic-political realities.

Views: 1348

Continue Reading

Ontological and methodological foundations of institutional economic theory’s directions

Ontological and methodological foundations of institutional economic theory’s directions

Journal of Institutional studies, , Vol. 5 (no. 2),
p. 48-63

Conceptual approaches to research scientific methodology from general philosophical positions are summarized in the paper. The necessity of constructing ontologies for knowledge of modern reality is justified. Conceptual views about essence of ontology are considered and on this basis the general scheme for constructing economic ontology is proposed. By the author argued that the ontology is necessary prerequisite constructing and justification of scientific theory. Formation of the ontology allows representing scientific knowledge in the form of a theoretical scheme and thus makes it possible to identify regularities and the logic of scientific theory’s development. Economic ontology includes rationale and interpretation of theoretical concepts and categories and also allows to build a picture of economic reality, substantiating theoretical and methodological basis of economic processes research. Therefore to allocate their ontological components it is necessary to determine methodological foundations of economic concepts . In this connection methodological instruments ("hard core", the basic principles, the basic approach and methods of research, assumptions of analysis) of New Institutional Economics and neoinstitutionalism are demarcated by the author, as well as main differences between these two directions from neoclassical economic thought and "old" institutional economics are highlighted.

Views: 1270

Continue Reading

The role of social institutions in ensuring justice in the modern market economy

The role of social institutions in ensuring justice in the modern market economy

Journal of Institutional studies, , Vol. 5 (no. 2),
p. 64-68

The author explains the social institutions role in ensuring social justice in the modern market economy. The institutional component is shown in terms of limitations of perfect competition. Functions of institutions for social justice are associated with the two sides of justice theory: the procedural which promotes equality of economic opportunity, and structural that is driven by the final distribution.

Views: 1104

Continue Reading

Toward the foundations of institutional theory of inflation

Toward the foundations of institutional theory of inflation

Journal of Institutional studies, , Vol. 5 (no. 2),
p. 69-87

The goal of this paper is to create the foundations of the contemporary institutional theory of inflation. According to the hypothesis, the inflationary process (its scopes and features) in the contemporary economies is concerned with the destruction of the “internal stabilizing mechanism”. Such mechanism includes an aggregate of institutions providing antiinflationary immunity of the economic system. In order to develop the hypothesis, authors discover and analyze five groups of institutions which create the internal stabilizing mechanism of the economy. These groups are the hard budget constraints; the social accord regarding the shares of specific groups of agents in the real national income; institutions supporting relative abundance and reprodictivity of the resources in the long run; institutions providing relatively high degree of competition in the most markets; system of the long-run planning and forecasting and corresponding system of the long-term contractual relations. Authors discover and explore contemporary institutional mechanisms of the budget constraints softening: transition to the conception of functional finances in the budget sphere and development of new forms of the money supply endogenization. Further, using Palley model as an example, the paper shows that under the absence of social accord regarding distribution of income and the supporting role of institutions of endogenous creation of money supply the process of conflict inflation develops. Authors show that various outcomes of such struggle are possible depending on the different distribution of market power between interactive agents.

Views: 1354

Continue Reading

Institutional and technological changes: the analysis limits of evolutionary theory

Institutional and technological changes: the analysis limits of evolutionary theory

Journal of Institutional studies, , Vol. 5 (no. 2),
p. 88-115

The problem of the correlation between the institutional, technological change and economic growth is considered in the paper, and look at this relationship is determined by the positions of evolutionary economic theory. The author shows how the rules of agents behavior and institutional systems affect economic growth and technological change, studies limitations of current models of economic growth and the possibility of evolutionary theory in this issue, considers the so-called "paradox of Witt" in the appendix to the changes in technology.

Views: 1184

Continue Reading

How bad institutions and policies are destroying the economy? An example of Weimar Germany

How bad institutions and policies are destroying the economy? An example of Weimar Germany

Journal of Institutional studies, , Vol. 5 (no. 2),
p. 116-135

The paper is devoted to problems of economic development of the Weimar Germany. The author thinks, that the German economy in the period suffered from excessive tax burden and expense of the state. Municipal costs for construction, as the author suggests, led to the strain of the credit market in Germany in the early 1930s., that was, as he believes, one of the major causes of depression in Germany. In his study, the author relies on earlier not published archival data.

Views: 1039

Continue Reading

Program course “Institutional aspects of administrative reform”

Program course “Institutional aspects of administrative reform”

Journal of Institutional studies, , Vol. 5 (no. 2),
p. 136-147

Course "Institutional aspects of administrative reform", based on the neo-institutional approach, promotes the theory and practice of institutional analysis of reforms in the public sector and is intended for students of "Economic theory", "Public and municipal Administration", and other economic and management students in bachelor and master programs.

Views: 1202

Continue Reading