Institutional Economics

Today the term “institutional economics" is widely used and is associated with a vast literature. This first institutionalism was, in fact, dominant in American economics departments just after World War. The central ideas of institutionalism concern institutions, habits, rules and evolution. However, no institutionalism tries to build a general model only on the basis of these ideas. The internal of the Darwinian period lasted for at the least 2 or 3 billion years. It considerably slowed down the evolution period during the pre-Darwin era and in the next two billion years, very little change was witnessed considering the stated ...