The Relationship of New Institutional Economics and Marxist Economics
|School||Central South University for Nationalities|
|Keywords||New institutional economics Marxist Economics|
New Institutional Economics (NIE) is a economic school which arose in1960s.Bybroadening the assumption and scope of research, NIE became one of the most populareconomic theories, and also new research interests. Particularly, introducing the factorsof institution into economic analysis, NIE has more persuasion than NeoclassicalEconomics on realities. As a economist, Karl Marx had discussed the economicinstitution of Capitalism and structured a integrated framework of institution research inCapital. Therefore, it’s necessary to discuss the relationship of these two theories.There are plenty works in the field by foreign and domestic scholars, but twodefects in these works still: Foreign scholars generally compared the relationship ofthem from the view of western economics, and it’s lack of results which show asystematic relationship. Domestic scholars used to study the relationship of them fromone or two point,it’s a lack of compare which is integrated. This article tries to discussin different ways.I summarize the origin and development of NIE firstly, then introduce some maintheories of NIE: Property Rights Theory, Transaction Cost Theory, Institutional ChangeTheory.Then I introduce the NIE’S attention to Marx. It consist of introduce andperspective. On the basis of this,I conclude the reason that why NIE had attention onMarx: Marxist economics had influenced on NIE.Further on, I discuss the Marx’s specific influence on Institution Change Theory,Property Rights Theory and Transaction Cost Theory, then I explain why thisinfluence had come out. There are two main reasons: Marx discussed capitalisticeconomics,as the same as NIE; Marx had structured the integrated framework ofinstitution analysis long before, and this contribution gave NIE a good foundation;Marx’s theory is profound and persuasion, he discussed core system of capitalism at abrilliant insight, this achievement is also the endeavor of NIE.At last, I conclude some revelations as the end of this research.