Stakeholder Theory: Toward a Classical Institutional Economics Perspective

New Classical Economics: Toward a new paradigm for economics?∗

We discuss the emerging field of New Classical economics from the perspective of some classical economic questions regarding the generation of wealth. We first discuss the foundational hypotheses of New Classical economics. We identify some problems with some basic concepts in its structure and suggest some avenues to amend and enhance this emerging field. We conclude that there are significant...

A Stage Model and Stakeholder Theory Perspective

While there is a fairly robust literature on information and communications technology (ICT) national policy, there are missing elements in the existing research. First, nation states at different stages of development are generally not considered in terms of what kind of ICT national policy is optimal. Second, a stakeholder perspective on the creation and implementation of the policy is typica...

Toward a General Theory of Institutional Autonomy∗

Institutional differentiation has been one of the central concerns of sociology since the days of Auguste Comte. However, the overarching tendency among institutionalists such as Durkheim or Spencer has been to treat the process of differentiation from a macro, “outside in” perspective. Missing from this analysis is how institutional differentiation occurs from the “inside out,” or through the ...

Transaction Cost Economics As a Constructive Stakeholder Theory

We submit that the central managerial messages of transaction cost economics (TCE) have been lost ormisconstrued in academic debates thatmiss the underpinning logic of the theory. Critiques of TCE are often based on narrow and selective interpretations, indeed caricatures. Our goal is to set the record straight by examining TCE’s fundamentally constructive aims, logic, and its applicability in ...

A New Institutional Economics Perspective on Environmental Issues