| The paper examines some developments in institutional economics with the experience of market transition. The analysis confirms the role of institutions and institutional economics in economic sciences. In a sense, transition has challenged institutional economics itself, pointing to its weaknesses in explaining the process and offering suitable advice. As a result, several areas of research have developed, focusing on the diversity and complementarity of institutions and their impact on macroeconomic performance. The article takes stock of the attempts of the two principal institutional approaches, new institutional economics and evolutionary institutionalism, to thoroughly explain the process of institutional evolution. The current state of research in this area is an accumulation of evidence and partial hypotheses relevant to interrelations between formal and informal rules and organizations, studied from the point of view of both diachronic relations (impact of the legacies of the past, on the one hand, and adaptations, on the other) and synchronic relations (complementarity vs. conflict between the three elements). A consistent theory of institutional change taking into account the experience of transition has yet to be formulated. |
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