Affiliation:
1. Bartin University, Turkey
Abstract
Since different kinds of economics thoughts have been explored, few have been as peculiar as Old Institutional Economics (OIE) and New Institutional Economics (NIE). It is curious that almost every stream criticizing mainstream economics has a left wing. OIE, not a big fan of this, criticizes neoclassical economics/mainstream economics, given it arose in the US. OIE had no sense to left wing, on the contrary, it created an effect criticizing neoclassical economics in its core. Unlike OIE, NIE has many common points with neoclassical economics. NIE has several new aspects different from neoclassical economics, as it has chosen a completely different path than OIE. In this chapter, authors scrutinize circumstances that led to OIE, and what separated OIE and NIE. A brief, successively historical aspect is also provided.
Reference45 articles.
1. A Modest Proposal for Institutional Economics
2. An Evolutionary Approach to Norms
3. In Memoriam Clarence Edwin Ayres
4. Wesley Mitchell’ın İktisat Bilimine Katkısı Üzerine Bir Değerlendirme [An Evolution on Wesley Mitchell to Economics Science]. İktisat ve Toplum;G.Baş-Dinar;Economics and Society,2014