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The New Institutionalism: What Can It Learn from the OLD?
Author(s) -
JACOBY SANFORD M.
Publication year - 1990
Publication title -
industrial relations: a journal of economy and society
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.61
H-Index - 57
eISSN - 1468-232X
pISSN - 0019-8676
DOI - 10.1111/j.1468-232x.1990.tb00757.x
Subject(s) - opportunism , asset (computer security) , institutionalism , set (abstract data type) , key (lock) , positive economics , asset specificity , sociology , economics , institutional economics , new institutionalism , neoclassical economics , political science , transaction cost , microeconomics , computer science , law , market economy , politics , computer security , programming language
The new institutional labor economics is a promising development, but it has faults that could be remedied by an infusion of theoretical and methodological insights from the old institutional approach. This claim is illustrated by a critical analysis of three key concepts: asset specificity, defefrred rewards, and opportunism. The essay concludes with a set of methodological precepts to guide future research.