26-th topic. Contribution of institutional concept to economic theory

The institutional concept:

§  Composed the first theoretical school that bases on more fundamental issues of economic relation system;

§  Made chances to understand the nature of economic relations more comprehensively, by studying main motives that moves economic agents; 

§  Directed the attention of this field science to the most important issues by creation of systematic theories about behavior economy;

§  Established more basic approach on concept of “institute” in society, also in economy;

§  Promoted the necessity of transition from the question of “how” to the question of “how changes” in the studying of economic relation system;

§  Transition from the question of “how” to the question of “how changes” in the next stage created necessity for transition to the question of “how must be”;

§  Made chances for understanding more basic issues of economic problems, by studying of nature of economic behaviors more systematically;

§  Challenged for comprehensively investigation of economic system’s anatomy by starting to study the nature of relations between behaviors of economic agents and institutes;

§  Showed th necessity for studying of issues about impacts of institutes to development of society, of which development of economy;

§  Much promoted and simplified improvement issues of economic relations by presenting of institute’s classification by their quality parameters;

§  Created comfortable platform for following theoretical schools in the direction of economic system’s quality changes.

 

Aghanemat Aghayev