Post-institutionalism versus economic science: Critical analysis

Abstract

The article analyzes post­institutionalism, highlighting its inability to present a “new mainstream” in institutional studies in economics. Pointing out some real problems of institutional studies of modern society, post­institutionalism does not provide what economic theory needs. The rejection of functionalism, rationalism and efficiency and optimality criteria sidetracks this approach to the field of sociology and cultural studies; de­economization is also effected on account of target substitution of institution transplanting. Another essential problem is the confusion of notions through their “unsealing” that enables an “alternate” interpretation of blockchain and allows to oppose against the transaction costs minimization principle, basing on the criticisms of the Coase Theorem. Rejecting this interpretation, the article claims that the studies of the institutional complexity of modern society does not require refusal of classical approaches, but their clarification. The paper also criticizes the call for “postdisciplinarity” and raises the question of the quality of interdisciplinary institution researches.