Tantárgy adatlap

A tantárgy szakmai tartalma: Lecturers:
Katalin Szabó DSc, professor emerita,
Péter Gedeon, CSc, professor,
Balázs Hámori, DSc, professor,
Pál Veres, PhD, ret. associate professor,
Miklós Rosta, PhD, associate professor,
András Székely-Doby, PhD, assistant professor,
József Horváth, ret. assistant professor,
László Tóth, PhD, assistant professor,
Izabella Feierabend, doctoral student,
József Golovics, assistant lecturer, doctoral student,

The course provides an introduction to the field of new institutional economics. Topics covered include formal and informal institutions, bounded rationality, economics of transaction costs, economics of contracts and the theory of property rights. The market, the enterprise, and the state as specific institutions will also be discussed, as well as the logic of collective action, the basics of public choice theory, and the process of institutional change. As an outlook characteristics of different economic systems will also be studied. Besides the theoretical foundations real life examples provide deeper insights to the subject, and helps the students make use of institutional approaches in their specific research areas like management studies, sociology, international relations, or political science.

Évközi tanulmányi követelmények: It is required to participate in seminars. A maximum of 5 points may be earned by seminar activity. Since the final grade builds on the work in the seminars, it is essential to read the assignments before each class session, and actively participate at the meetings. It is not allowed to miss more than three seminars.

Vizsgakövetelmény: To get the acceptance of the seminar work;
one article presentation by each students (at least)
Fulfilling the requirements of the 1st and 2nd mkidterm written exams. (Students have to generate from each midterm exam points 26 of at a minimum.)

Az értékelés módszere: Maximum of 100 points (50-50) are available from the midterm and the final written exam, and a potential bonus of 5 points from seminar activity.
The grades are as follows:
87-100 points Excellent
75-86 points Good
63-74 points Satisfactory
51-62 points Pass
0-50 points Fail

Tananyag leírása: Week Topics Lecturer Preliminary list of readings
1 Formal and informal institutions Miklós Rosta Groenewegen, J., Spithoven, A. H. G. M., & Van den Berg, A. (2010). Institutional economics: An introduction. London: Palgrave Macmillan. Part I-II. (pp. 2-86.)
2 Bounded rationality László Tóth Simon, H. A. (1991). Organizations and markets. Journal of Economic Perspectives, Vol. 5, No. 2, 25-44.
Hodgson, G. M. (1997). The ubiquity of habits and rules. Cambridge Journal of Economics, 21(6), 663-684.
3 Economics of transaction costs Izabella Feierabend Williamson, O. E. (1998). Transaction cost economics: how it works; where it is headed. De economist, 146(1), 23-58.
4 Economics of contracts Zoltán Ádám Posner, R. A. (1997): Economic Analysis of Law Aspen, New York
5 Theory of property rights Pál Veres, József Golovics Furubotn, E. G. & Pejovich, S. (1972). Property Rights and Economic Theory: A Survey of Recent Literature. Journal of Economic Literature, 10(4) 1137-1162.
Ostrom, E., & Hess, C. (2007). Private and common property rights. In: Bouckaert, B. (Ed.). (2010). Property Law and Economics (Vol. 5). Edward Elgar Publishing. 53-106.
6 The market as an institution József Horváth Ménard, C. (1995): Markets as Institutions versus Organizations as Markets? Disentangling some, Journal of Economic Behavior & Organization, No. 2. pp. 161-182.
7 The enterprise as an institution Katalin Szabó Groenewegen, J. (2004): Who Should Control the Firm? Insights from New and Original Institutional Economics. Journal of Economic Issues, Vol. 38.No.2. June, pp. 353-361.
8 1st midterm exam
9 The state as an institution Péter Gedeon North, Douglas C., Structure and Change in Economic History. W. W. Norton & Company, New York, 1981, pp. 3-32
10 The logic of collective action Péter Gedeon Olson, Mancur: The rise and decline of nations: economic growth, stagflation, and social rigidities. New Haven: Yale University Press, 1982, pp. 17-74
11 Public choice theory József Golovics Downs, A.: "An Economic Theory of Political Action in a Democracy". Journal of Political Economy
Vol. 65, No. 2 (Apr., 1957), pp. 135-150 Müller, D. C. (2004). Public choice: an introduction. In: Rowley, C., & Schneider, F. (Eds.). (2005). The encyclopedia of public choice. Springer, New York, (pp. 32-48).
Buchanan, J. M. & Robert D. Tollison (1984). The theory of public choice II. University of Michigan Press, Michingan
12 Institutional change András Székely-Doby North, D. C. [1990]: Institutions, Institutional Change, and Economic Performance. Cambridge University Press, Cambridge. pp. 3-11.
Hodgson, G. M. (2002). The evolution of institutions: an agenda for future theoretical research. Constitutional Political Economy, 13(2), 111-127.
13 Institutional analysis of economic systems Balázs Hámori Hall, P. A., & Soskice, D. (Eds.). (2001). Varieties of capitalism: The institutional foundations of comparative advantage. Oxford University Press.
14 Session A: Course content’s recapitulation
Session B: 2nd midterm written exam

Órarendi beosztás: 

Kompetencia leírása: The course helps to understand the nature and the role of the institutions in the economy and in the economic decision making processes (with other words: it helps to get a closer undersatnding of the rules of the game and get to know the tools by which those rules can be enforced.

Félévközi ellenőrzések: Article presentations by each student, case analysis in groups, role playing games, two midterm written exams (in the Weeks 7th and 14th)

A hallgató egyéni munkával megoldandó feladatai: Article presentations
Midterm written exams

Szak neve: 

Irodalomjegyzék:
Kötelező irodalom:

• The required list of obligatory readings will be finalized by the lecturers.

Ajánlott irodalom:

• Suggested readings can be read above