Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/147233
Authors: 
Goorha, Prateek
Mohan, Vijay
Year of Publication: 
2016
Citation: 
[Journal:] Journal of Economic Structures [ISSN:] 2193-2409 [Volume:] 5 [Year:] 2016 [Issue:] 15 [Pages:] 1-23
Abstract: 
We present an analytical approach to institutional analysis that draws inspiration from control process engineering in the physical sciences. We characterize smart institutions as having three foundational features. First, smart institutions are context sensitive and expressly allow for a unified consideration of social, political and economic factors, thereby providing a richer and more eclectic approach to their operation. Second, smart institutions are forward-looking in their operation rather than deriving from their past functions and purpose in contrast to most generic institutions. Third, as opposed to generic institutions, smart institutions emphasize the role of information and specifically that of subjective social feedback on institutional performance. A theory of smart institutions, consequently, presents distinct advantages over traditional institutional analysis.
Subjects: 
Institutional analysis
Institutional development
Control process engineering
Information entropy
Fuzzy feedback
JEL: 
D02
E02
O43
P0
Persistent Identifier of the first edition: 
Creative Commons License: 
http://creativecommons.org/licenses/by/4.0/
Document Type: 
Article

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