institutional economics


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institutional economics

approaches to economic analysis which emphasize the role of socioeconomic institutions and organizations in the causation of economic events. In a narrow sense, institutional economics was a movement opposed to the abstractions and excessive formalism of much orthodox economic analysis, and was especially associated with the work of Thorstein VEBLEN. More widely, the approach can be said to be consistent with much sociological analysis of economic life, which has been more interested in grounding theories of economic life in behavioural and institutional inquiry than has economics (see ECONOMIC SOCIOLOGY).
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