The course gives an insight in the history of institutionalist schools in economics. It focuses on the "institutional turn" that has taken place in modern economic thought during the past more than three decades. In this period, much of new institutional knowledge emerging outside the mainstream became part of the standard theory.
Although we devote most of the time to New Institutional Economics (including its prerequisites and reception), it is not our purpose to discuss the various "classes" of the school in great detail. This is the task of other Eltecon courses. Instead, new institutionalist theories are situated in the history of economic thought in order to understand why institutional concepts and interdisciplinary research programs tend to reappear in economics from time to time. Unlike similar courses, we also pay attention to Eastern Europe and the role other social sciences play in institutional research.
The course begins with a methodological introduction. First, it discusses the "old" schools of institutionalism and compares them with the "new" ones. Then, we will focus on New Institutional Economics presenting its main subdisciplines. Finally, the course will seek answers to the question why the reception of new institutional ideas has been so slow and eclectic in our region.