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Old institutionalism; New institutionalism; Powell and DiMaggio (1991) [5] define an emerging perspective in sociology and organizational studies, which they term the 'new institutionalism', as rejecting the rational-actor models of Classical economics. Instead, it seeks cognitive and cultural explanations of social and organizational phenomena ...
[7] [8] The revised formulation of institutionalism proposed in this paper prompted a significant shift in the way institutional analysis was conducted. Research that followed became known as "new" institutionalism, a concept that is generally referred to as "neo-institutionalism" in academic literature.
Underlying his ideas, consolidated in Institutional Economics (1934) was the concept that the economy is a web of relationships between people with diverging interests. There are monopolies, large corporations, labour disputes and fluctuating business cycles.
Institutionalism may refer to: Institutional theory , an approach to the study of politics that focuses on formal institutions of government New institutionalism , a social theory that focuses on developing a sociological view of institutions, the way they interact and the effects of institutions on society
Other social scientists have examined the concept of institutional lock-in. In an article entitled "Clio and the Economics of QWERTY" (1985), economist Paul A. David describes technological lock-in as the process by which a specific technology dominates the market, even when the technology is not the most efficient of the ones available. [ 18 ]
A key concept of Rational Choice Institutionalism is the principal-agent model borrowed from Neo-classical economics. This model is used to explain why some institutions appear to be inefficient, suboptimal, dysfunctional or generally go against the intentions of the actors who created the institution.
Liberal institutionalism is also close to—but not synonymous with—regime theory and neoliberalism. [ 11 ] [ 12 ] Robert Keohane , a political scientist largely responsible for the development of liberal institutionalism, considers his ideas part of institutionalism or rational institutionalism, even though those schools disagree with him on ...
Organizational theorists operating within the new institutionalism (see also institutional theory) have begun to develop the institutional logics concept by empirically testing it. One variant emphasizes how logics can focus the attention of key decision-makers on a particular set of issues and solutions (Ocasio, 1997), leading to logic ...