The Scope, Method, and Significance of Original Institutional Economics
Author(s)
Stanfield, James Ronald
Abstract
Conventional economics is involved with the examination of givens to givens allocation to attain the maximum real income. Original institutional economics (OIE) believes that to comprehend the economic activities of any human group, it is necessary to subject the involved social processes to theoretical and empirical study. OIE relies less on econometric techniques and more on comparative method developed by anthropologists through their collection of information and generalizations regarding the economic activities of human groups. The OIE approach introduces social change that adds power and culture into economic analysis.
