Post-institutionalism: Beyond the institutional mainstream

Abstract

The article discusses the internal dualism of modern institutional economics, manifested in division of orthodox or mainstream institutionalism (its axiomatics and dogmatics are represented by the Standard Model) and its opposition post-institutionalism. An agenda for promising post-institutional studies is proposed, covering a wide range of discussion issues beyond the Standard Model — from the transition to integrative interpretations of institutions to the introduction of the Evo-Devo-paradigm of analysis of institutional evolution. A reorientation of the transactional analysis from minimizing transaction costs to maximizing the transaction value generated by institutions is proposed. The normocentric paradigm of institutional theory is discussed, considering any forms and trajectories of institutional evolution outside of the evaluation criteria, abandoning the tradition of negative labeling of institutional anomalies. The article demonstrates that in the focus of post-institutionalism there is institutional complexity, which can only be comprehended by overcoming reductionist methodological approaches of the institutional mainstream.