Toward a theory of Smart Institutions

Artikel

We present an analytical approach to institutional analysis that draws inspiration from control process engineering in the physical sciences. We characterize smart institutions as having three foundational features. First, smart institutions are context sensitive and expressly allow for a unified consideration of social, political and economic factors, thereby providing a richer and more eclectic approach to their operation. Second, smart institutions are forward-looking in their operation rather than deriving from their past functions and purpose in contrast to most generic institutions. Third, as opposed to generic institutions, smart institutions emphasize the role of information and specifically that of subjective social feedback on institutional performance. A theory of smart institutions, consequently, presents distinct advantages over traditional institutional analysis.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Journal: Journal of Economic Structures ; ISSN: 2193-2409 ; Volume: 5 ; Year: 2016 ; Issue: 15 ; Pages: 1-23 ; Heidelberg: Springer

Classification and Topics

• Classification: Wirtschaft ; Institutions: Design, Formation, Operations, and Impact ; Institutions and the Macroeconomy ; Institutions and Growth
• Subject: Institutional analysis ; Institutional development ; Control process engineering ; Information entropy ; Fuzzy feedback

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Goorha, Prateek ; Mohan, Vijay
• Event: Veröffentlichung
• (who): Springer
• (where): Heidelberg
• (when): 2016

Further information

• DOI: doi:10.1186/s40008-016-0047-6
• Handle: http://hdl.handle.net/10419/147233
• Last update: 10.03.2025, 11:43 AM CET