International Journal of

Business & Management Studies

ISSN 2694-1430 (Print), ISSN 2694-1449 (Online)
Institutional Economics As An Alternative Thought System

Abstract

This study has attempted to create a framework based on the studies of the prominent representatives of institutional economics on issues such as the intellectual foundations of institutional economics as an alternative way of thinking, its contributions to economic thought, its advantages and disadvantages. In this way, it is aimed to provide a guide for researchers who will work in the field of institutional economics. Today, studies on institutional economics are continuing in two different paths that attempt to return to the intellectual foundations of the old institutional economics or continue in line with the new institutional economy. The statement that there is no one way to the truth, and that there may even be more than one truth regarding economic issues, is particularly important in understanding the way institutional economics looks at events.