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Brazilian Journal of Political Economy

versão impressa ISSN 0101-3157versão On-line ISSN 1809-4538

Resumo

PEREIRA, ADRIANO JOSÉ  e  LOPES, HERTON CASTIGLIONI. The market for the “old” and the “new” institutional economics. Brazil. J. Polit. Econ. [online]. 2018, vol.38, n.3, pp.450-468. ISSN 1809-4538.  https://doi.org/10.1590/0101-35172018-2774.

This paper conceives of the market as an institution, and contrasts two theoretical approaches: Institutionalism, with an evolutionary and analytical bias, whose theoretical basis comes from “Old/Original” Institutionalism, and New Institutional Economics, with an analytical, contractual approach, linked to mainstream economics. Both approaches have given relevant contributions, as they consider the importance of institutions for economic performance. The limits of New Institutional Economics are particularly relevant, whose analysis of the operation of markets is centered on the logic of transaction cost economics as a determinant of economic performance. Evolutionary Institutionalism, in turn, sees the market within a broader scope, in which cost economies only partially explains economic performance, but it is not necessarily seen as a determining factor.

Palavras-chave : Institutional economics; market; transaction costs; evolutionary institutionalism.

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