Institutions and institutionalism what why and how Jacques

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Institutions and institutionalism: what, why and how Jacques SAPIR Directeur d’études à l’EHESS Directeur

Institutions and institutionalism: what, why and how Jacques SAPIR Directeur d’études à l’EHESS Directeur du CEMI

I. The place of Institutionnal economics in economic thought

I. The place of Institutionnal economics in economic thought

- 1. Realism vs the Walrasian tradition and instrumentalism. - 2. Two main currents,

- 1. Realism vs the Walrasian tradition and instrumentalism. - 2. Two main currents, the “old” institutionalism and the New Institutional Economics. - 3. A deep echo in the history of economic thought - 4. Institutionalism and the issue of radical uncertainty

But some enduring problems a. What an institution is? b. Institutions and organizations c.

But some enduring problems a. What an institution is? b. Institutions and organizations c. Formal and informal institutions. d. What is the place for customs and traditions.

II. Understanding institutions

II. Understanding institutions

• 1. Transactions costs and the NEI: from Coase to Williamson. • 2.

• 1. Transactions costs and the NEI: from Coase to Williamson. • 2. Are opportunism and bounded rationality theoretically compatible? • 3. Social density and institutions (E. Durkheim) • 4. Rules, convention and common knowledge • 5. North and the strategic turn of the NEI

• 6. Institutions and economic subjectivism – A. What is subjectivism. – B.

• 6. Institutions and economic subjectivism – A. What is subjectivism. – B. Different subjectivist schools. – C. Is subjectivism an answer to the radical uncertainty? – D. Subjectivism and the Keynesian tradition.

III. Why are institutions nécessary?

III. Why are institutions nécessary?

1. The information-processing issue. a. From Stigler to Stiglitz. b. Is uncertainty endogenous to

1. The information-processing issue. a. From Stigler to Stiglitz. b. Is uncertainty endogenous to a competitive economy? 2. Rules as cognitive devices. a. From explicit to tacit knowledge b. Heuristic rules, traditions and customs. 3. The individual preferences issue. a. The Allais paradox. b. Instability of preferences and the convergence of expectations.

IV From institution To Institutional system

IV From institution To Institutional system

• Dynamics of institutions: – Instrumentalism and non-instrumentalist views. – Individualism and holism

• Dynamics of institutions: – Instrumentalism and non-instrumentalist views. – Individualism and holism – Context generation and the power of the unpredicted (From Schmitt to Shackle) • Social conflicts as the origin of institutions: – Lessons of History (Toubert) – Guizot and Commons – Political and social lobbies (Bentley) – Institutional architecture

• 1. The constitutional order • 2. Formal and informal institutions • 3.

• 1. The constitutional order • 2. Formal and informal institutions • 3. Organizations • 4. Conventions • 5. Habitus

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