Duration: 3 hours for 13 weeks [ECTS: 6]

Aim and objectives

The aim of the course is to provide students with a deep understanding of the different strands of Institutional Economics and their approaches to economic development. In particular the objectives of the course are to:

• clarify the conceptual and methodological differences between New Institutional Economics (NIE) and Original Institutional Economics (OIE), vis-à-vis neoclassical economics,
• provide an overview of the approaches of NIE and OIE (theories and methods of analysis) to economic development processes and problems.

Course Outline

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• Introduction and overview of the course. Institutional economics: one or many?
• Institutional analysis of the economy: trends, schools, conceptual tools and methodologies
• New Institutional Economics: philosophy, principles, concepts and methods of analysis
• Original Institutional Economics: philosophy, principles, concepts and methods of analysis
• Evaluation of the New and Original Institutional Economics (seminar)
• The New Institutional Economics approach to economic development
• The Original Institutional Economics approach to economic development
• Case studies of institutional analysis towards economic development (New and Original Institutional Economics approaches)

Learning outcomes

Upon successful completion of the course, students will be able to:

• identify and outline the methodological assumptions of institutional economics (new and original) in comparison to those of the neoclassical economics
• specify, articulate and assess the philosophical origins, methodological principles and analytical methods of neo-institutional economics, new institutional economics and original institutional economics
• identify the conceptual and methodological differences between neo-institutional , new institutional and original institutional economics
• articulate and explain the key concepts of OIE (inter alia: institutions, mixed rationality, Veblenian dichotomy, holism, technology, culture, etc.)
• outline, assess and compare the factors that drive or impede economic development
• distinguish between NIE and OIE with regard to the key determinants of economic development
• discuss why countries have not established institutions that lead to economic development
• analyse case studies by identifying and assessing the institutional factors that affected their path to economic development
• review the key literature in a related topic
• plan, organize and conduct primary/field research
• collect, analyse and interpret information (data) related to the above
• write and present a short scientific report.