Institutional Economics (ECON427) Course Detail

Course Name Course Code Season Lecture Hours Application Hours Lab Hours Credit ECTS
Institutional Economics ECON427 3 0 0 3 6
Pre-requisite Course(s)
Course Language English
Course Type N/A
Course Level Bachelor’s Degree (First Cycle)
Mode of Delivery Face To Face
Learning and Teaching Strategies .
Course Coordinator
Course Lecturer(s)
  • Assoc. Prof. Dr. Mehmet Gürsan ŞEnalp
Course Assistants
Course Objectives The aim of this course is to make some sense of the institutionalist tradition in economics considering its original and new interpretations and contributors. In doing so, we will first focus on the fundamentals of the critiques of classical economics developed and enriched by the prominent representatives of ‘old’ or ‘original’ institutional economics (OIE) such as Thorstein Veblen, John R. Commons ve Clarence E. Ayres. This effort will give a way in understanding the points where the original and new institutional economics (NIE) meet and separate. Secondly, we will focus on the microeconomic and macroeconomic theoretical and empirical contributions of some leading figures in NIE such as Ronald H. Coase, Oliver E. Williamson and Douglass North on the theory of firm, economic development and so on. Along with the philosophical background of OIE, NIE’s core concepts like ‘transaction costs economics’, ‘governance structures’, ‘positive externalities’, ‘bounded rationality’, ‘property rights’ will be introduced here. This course will also provide some insights about the critical roles played by both traditions during the making of the macro-level policies.
Course Learning Outcomes The students who succeeded in this course;
  • theories of institutional economics are investigated.
  • Traditions of institutional Economy are investigated.
Course Content The main representatives of the new institutional economics; its contribution to theory of firm and economic development; current transactions costs economics, governance structures, positive externalities, bounded rationality, property rights, the extent of institutional economics on the determination of macroeconomic policies.

Weekly Subjects and Releated Preparation Studies

Week Subjects Preparation
1 Definition of Political Economy and its development James A. Caporasove David P. Levine. Theories of Political Economy Oct 1992
2 Definition of Political Economy and its development James A. Caporasove David P. Levine. Theories of Political Economy Oct 1992
3 Traditions of Political Economy The Livelihood of Man (Studies in social discontinuity)By Karl Polanyi, edited By Harry W. Pearson. New York, San Francisco, and London: Academic Press, 1977
4 Development of Neoclassical Economy
5 Development of Neoclassical Economy
6 Development of Neoclassical Economy
7 Development of Neoclassical Economy
8 Development of Neoclassical Economy
9 Development of Neoclassical Economy


Course Book 1. • Chavance, Bernard. Institutional Economics. Trans. Francis Wells. London: Routledge, 2009.
2. • North, Douglass C. Institutions, Institutional Change and Economic Performance, Cambridge: Cambridge University Press., 1990.

Evaluation System

Requirements Number Percentage of Grade
Attendance/Participation - -
Laboratory - -
Application - -
Field Work - -
Special Course Internship - -
Quizzes/Studio Critics - -
Homework Assignments 1 15
Presentation - -
Project - -
Report - -
Seminar - -
Midterms Exams/Midterms Jury 1 35
Final Exam/Final Jury 1 50
Toplam 3 100
Percentage of Semester Work
Percentage of Final Work 100
Total 100

Course Category

Core Courses
Major Area Courses X
Supportive Courses
Media and Managment Skills Courses
Transferable Skill Courses

The Relation Between Course Learning Competencies and Program Qualifications

# Program Qualifications / Competencies Level of Contribution
1 2 3 4 5
1 Acquiring the skills of understanding, explaining, and using the fundamental concepts and methods of economics
2 Acquiring the skills of macro level economic analysis
3 Acquiring the skills of micro level economic analysis
4 Understanding the formulation and implementation of economic policies at the local, national, regional, and/or global level
5 Learning different approaches on economic and related issues
6 Acquiring the quantitative and/or qualitative techniques in economic analysis
7 Improving the ability to use the modern software, hardware and/or technological devices
8 Developing intra-disciplinary and inter-disciplinary team work skills
9 Acquiring an open-minded behavior through encouraging critical analysis, discussions, and/or life-long learning
10 Adopting work ethic and social responsibility
11 Developing the skills of communication.
12 Improving the ability to effectively implement the knowledge and skills in at least one of the following areas: economic policy, public policy, international economic relations, industrial relations, monetary and financial affairs.

ECTS/Workload Table

Activities Number Duration (Hours) Total Workload
Course Hours (Including Exam Week: 16 x Total Hours) 16 3 48
Special Course Internship
Field Work
Study Hours Out of Class 16 6 96
Presentation/Seminar Prepration
Homework Assignments
Quizzes/Studio Critics
Prepration of Midterm Exams/Midterm Jury 1 2 2
Prepration of Final Exams/Final Jury 1 3 3
Total Workload 149