Possibilities of the Economic Institutionalism’ Integration

Abstract

The article is devoted to the search and substantiation of the answer to the question whether it is possible to combine the original and new institutional economics. For this, first, methodological holism and methodological individualism are compared, which share the aforementioned directions of economic institutionalism. It is concluded that these methodological principles are logically incompatible in their ontological foundations, but they are close in the types of the analyzed processes and phenomena explanations. Secondly, the definitions of the institution are compared, which are usually used in these areas. From their comparison, it is concluded that the understanding of the institution in the new institutional economics is more productive than that followed by the supporters of the original institutional economics. In the final part of the article, it is concluded that the convergence of the two institutionalisms is possible through the deployment of a discussion based on the results of empirical research, which can show the participants the advantages and disadvantages of the scientific methods used. Methodological discussions are considered unproductive.