Explaining institutional change: aspects of an innovation in the new institutional economy

摘要

Purpose - The purpose of the paper is to use systemic thinking to explain institutional change. The paper is conceptual, based upon conceptual generalizations. Design/methodology/approach - The paper considers the question: how can one explain institutional changes? Explaining institutional change is demanded by several recent authors. An interpretation framework is first developed around explanations, where various perspectives on explanations are considered. Then the various perspectives are used to explain institutional change. Finally, an analytical model is developed to explain institutional changes. Findings - The analytical model is used in order to develop a conceptual model to explain institutional changes in the economic system. Originality/value - The paper breaks new ground in using systemic thinking to explain institutional change.