Comparing theories of institutional change

This article compares a variety of theoretical approaches to conceptualizing institutional change. Our goal is neither to discover the ‘best’ theory, nor to attempt to build a new one. Rather, we wish to compare how the theories we consider agree or differ with respect to the causes, process, and ou...

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Bibliographic Details
Published in:Journal of institutional economics 2009-08, Vol.5 (2), p.151-180
Main Authors: KINGSTON, CHRISTOPHER, CABALLERO, GONZALO
Format: Article
Language:English
Subjects:
Conventions
Economic history
Economic theory
Institutionalism
Political economy
Studies
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Summary:This article compares a variety of theoretical approaches to conceptualizing institutional change. Our goal is neither to discover the ‘best’ theory, nor to attempt to build a new one. Rather, we wish to compare how the theories we consider agree or differ with respect to the causes, process, and outcomes of institutional change. Some of the theories we discuss emphasize the deliberate creation of institutions through the political process, while others emphasize the spontaneous emergence of institutions through evolutionary processes. Still others combine elements of evolution and design. We differentiate a variety of approaches to conceptualizing the interaction between formal and informal rules. We discuss recent theories based on the ‘Equilibrium View’ of institutions, and theories emphasizing the role of habit, learning, and bounded rationality. We also consider theoretical explanations for institutional inertia and path-dependence.
ISSN:1744-1374
1744-1382
DOI:10.1017/S1744137409001283