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In sociology and organizational studies, institutional theory is a theory on the deeper and more resilient aspects of social structure. It considers the processes by which structures, including schemes, rules, norms, and routines, become established as authoritative guidelines for social behavior. [ 1 ]
New institutional economics (NIE) is an economic perspective that attempts to extend economics by focusing on the institutions (that is to say the social and legal norms and rules) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics.
Other scholars define public policy as a system of "courses of action, regulatory measures, laws, and funding priorities concerning a given topic promulgated by a governmental entity or its representatives". [27] Public policy is commonly embodied in "constitutions, legislative acts, and judicial decisions". [28]
Institutional analysis is the part of the social sciences that studies how institutions—i.e., structures and mechanisms of social order and cooperation governing the behavior of two or more individuals—behave and function according to both empirical rules (informal rules-in-use and norms) and also theoretical rules (formal rules and law ...
The institutional environment provides information and enforcement mechanism that reduce uncertainty for each actor about the corresponding behaviour of others. [7] This 'calculus approach' explains how the institutional setting influences individual behaviour and stresses how strategic interaction determines policy outcomes.
Institutionalist approaches often consider situations in which actors act against their predicted most profitable way of action. This is where institutionalists argue that concepts like habit evolution via institutions come in. Institutionalist accounts have been used to criticize neo-liberal accounts, as it is the institutions that influence ...
Public choice theory, another branch of economics with a close relationship to political science, considers how government policy choices are made, and seeks to determine what the policy outputs are likely to be, given a particular political decision-making process and context.
Institutions, Institutional Change and Economic Performance, Cambridge University Press. Elinor Ostrom (2005). "Doing Institutional Analysis: Digging Deeper than Markets and Hierarchies," Handbook of New Institutional Economics, C. Ménard and M. Shirley, eds. Handbook of New Institutional Economics, pp. 819 –848. Springer. Rutherford ...