Theoretical Perspectives on Institutional Economics : From the Viewpoint of Information, Knowledge and Capabilities in the Theory of Firm

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The purpose of this research project is to sum up the various trends of institutionalism which have been restored since the later 1970s, and is to explore the theoretical perspective on institutional economics as a new paradigm in the modern economics. Here, we paid special attention to the roles of information, knowledge and learning in the cognitive process of each individual. Furthermore, focusing on the firm organizations, we investigated how the firms learned, coordinated and accumulated knowledge in more detail. In the year of 2002, we dealt with two approaches to the firm organization, that is, contractual and competence approaches to the firm in the modern economics, and then, discussed, some problems of both approaches. Based upon these discussions, we made some proposals to develop the analysis of the firm organization rooted in reality. In the year of 2003, we focused on giving the answer to fundamental questions such that what the essence of institutional economics is and h … More ow we should approach to institutions. From these investigations) we found the following research results.To begin with, we need to conceptualize the model of the firm which comprehends three factors such as the relationship of interests, knowledge and learning one another. This enables us to synthesize both contractual and competence approaches to the firm. Thus, this indicates one of directions to overcome the dichotomy of the theory of the firm in the modern economics.Next, it should be stressed that we need to be concerned with the problem of micro-macro loop, where there is a mutual causation between firm organizations and the macro-economic environment surrounding them.Finally, we can also point out the problem 'of micro-macro loop when we attempt to consider the relationship between institutions and individuals. The crucial criterion for defining institutional economics lies in the idea of institutionalized individuals, which suggests that individuals not only constitute the world of institutions but also are reconstituted by the world of institutions. Actor and structure, although distinct, are thus connected in a circle of mutual interaction and interdependence. Less