Institution as Principle Notion of Institutionalism: Definition Problems

Abstract

   The article analyzes approaches to defining institution being a central notion of institutionalism. It is clear that the term ‘institution’ is used by Russian economics in different meaning and the same is true for other humanitarian and social sciences, which points to inter-disciplinary nature of the notion. Apart from this, in institutionalism itself, due to different academic approaches to institutional economic theory there are various approaches to defining the notion ‘institution’, which, according to the author, hinders the dynamic development of institutionalism and thus requires correction. According to D. Nort, institution means norms of law, whose influence on economic development was studied in view of the Anglo-Saxon system of law and it is unacceptable within the frames of inter-disciplinary analysis of Russian economics. By analyzing definitions of the notion ‘institution’ put forward by Russian institutionalism researchers and their comparing with D. Nort’s approach a conclusion was drawn that the majority of Russian scientists in line with D. Nort define institution in broad and various wording and formal institutions are interpreted as norms of law formalized in enactments. Through analyzing tasks conferred on institution comprehension of institution in different types of institutionalism with due regard to inter-disciplinary nature of the notion and Russian economic and legal reality the author proposes a unique definition of institution as a central notion of institutionalism, which can foster the development of institutional economic theory used for the analysis of Russian economy, synthesis of social and humanitarian sciences and economic analysis of effective and new legal norms in the field of economic activity.