Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/193628 
Year of Publication: 
2019
Series/Report no.: 
ICAE Working Paper Series No. 89
Publisher: 
Johannes Kepler University Linz, Institute for Comprehensive Analysis of the Economy (ICAE), Linz
Abstract: 
Despite being a key term in institutional economics, the term 'institution' seems to be used in various different ways. To what extent is this problematic, given that a shared understanding of key terms among scholars is a necessary condition for scientific progress? We review prominent definitions of the term 'institution' and identify a set of shared elements of these definitions, which can be summarized as institutions being “codifiable systems of social structures (in particular norms and rules) that lead to inclinations for people to act in specific ways”. This suggests that the shared understanding of ‘institutions’ is sufficiently concrete.
Subjects: 
Definitions
institutions
epistemology
JEL: 
B25
B4
B52
Document Type: 
Working Paper

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