Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/324946 
Year of Publication: 
2022
Citation: 
[Journal:] Journal of Contextual Economics – Schmollers Jahrbuch [ISSN:] 2568-762X [Volume:] 142 [Issue:] 4 [Year:] 2022 [Pages:] 367-386
Publisher: 
Duncker & Humblot, Berlin
Abstract: 
Neo-institutional economics covers various subject areas that are not the traditional domain of economics, while still employing the tools of economic analysis such as: rational choice theory and equilibrium theory. Many fields of study, including law, firms, property, etc., are characterised as efficient institutions. It is a flawed approach, because neo-institutionalism portrays past events, what Karl Mittermaier called ex-post facts, as if they were structural facts, or ex-ante facts. In Samuelson's revealed preference theory, choices (ex-post facts), are assigned a new name, viz. revealed preferences (ex-ante facts), and preferences are reduced to their effects. Neo-institutionalism follows Samuelson in this regard, defining things by their effect: defining institutions as constraints, property as property rights, firms as contracts, etc. In doing so, neo-institutionalism eliminates the distinctions between concepts; the effect can stand as the primary aspect of the institution, and institution becomes a name for a constraint. This mixes up two orders of fact, giving past events (ex-post facts) a name associated with greater permanence (ex-ante facts). These theoretical moves belong to a nominalist Weltanschauung, one already proposed by Pareto, who called himself the most nominalist of nominalists.
Subjects: 
Ex ante Facts
Ex post Facts
Institutions
Karl Mittermaier
Nominalism
Realism
JEL: 
B2
B25
B40
B41
K0
D02
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

Files in This Item:
File
Size





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.