Munich Personal RePEc Archive

Comentarios sobre el enfoque de la Economía Institucional

Loaiza Quintero, Osmar Leandro (2007): Comentarios sobre el enfoque de la Economía Institucional.

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The aim of this paper is to offer a general overview of the institutionalist approach to economics, hoping to make clear some of its main advantages as a framework of study of the economic process. In doing so, a brief exposition about some of the weaknesses of neoclassical economics will be performed in latter sections of the article -being one of them the ignorance of its own implicit value premises. The paper concludes that the advantages of the institutionalist framework are anchored on the fact that it offers a broader perspective about the social system, a more plausible hypothesis than the equilibrium one about the functioning of the social system -the cumulative circular causation-, a cautious treatment of quantitative analysis, and the recognition of the impossibility to avoid value premises in scientific analysis.

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