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Institutional political economy: where to start?


Journal of Institutional studies, , Vol. 7 (no. 1),

The central theme of the paper is to study the foundation and basic concepts in the economic institutions study. It is shown that a separate individual can not be considered as the starting point for research in institutional theory. As such proposed to consider a community of people related to each other using limited resources. This community creates the general conditions for economic activity and reproduction of the individual and at the same time creates obstacles to its implementation in the form of fundamental uncertainty and hostile certainty. Immediate and economic actions and interactions in these conditions become impossible. The establishment of a specific institutional framework is the precondition for private economic activities and the entire economic process within the social space. And this order (structure, form of interaction) must be preceded by direct exchange, distribution and use of goods by individuals. There is no economic action and interaction to outside institutions and institutions. Institutions are initially "woven" into the system of economic relations and interactions between people.

Keywords: institutions; the political economy of institutions; uncertainty; economic cooperation; economic action; social structure

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