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Article

New Institutional Economics: A State-of-the-Art Review for Economic Sociologists

Economic sociology - The European electronic newsletter. 2011. Vol. 13. No. 1. P. 12-21.
Menyashev R., Natkhov T. V., Polishchuk L., Syunyaev G. R.

The notion of institutions is perhaps one of the most “sociological” among economic concepts, as it applies to agents’ dealing with each other. New Institutional Economics combines the economic and sociological perspectives of human behavior. In this paper we review recent studies in institutional economics which to large extent reflects agenda of the International Society of New Institutional Economics 2011 meeting, including such research areas as property rights, political economy, economic history, informal norms, trust and economic development. We show that in light of these results the main message of the discipline, i.e. that ‘institutions matter’, could be reformulated as ‘institutions and society matter’ and NIE is a natural field for interdisciplinary collaboration between economists and sociologists.