This paper discusses recent attempts by economists to analyze institutional structure using individualist methodology. It is argued that developments in game theory, as well as advances in the analysis of transactions costs, have proved surprisingly fertile in yielding insights into the nature and structure of institutions. The example of the university is used to illustrate the ways in which the economic approach to institutions can be applied. In particular, the nature of academic contracts and the non?profit status of universities are (...) related to the literature on contractual hazards. Although methodologically very different from sociological or historical analysis of institutions, it is argued that the new institutional economics may provide a bridge permitting greater contact between hitherto almost entirely separate disciplines. (shrink)

Cet article examine la concurrence entre des structures de gouvernance des entreprises. Il y est souligné qu’une panoplie de structures “constitutionnelles” peut être observée dans le cadre marchand et que cette variété a servi des objectifs transactionnels importants sur un plan historique. L’article met en contraste les approches coasienne et autrichienne de l’explication des structures de gouvernance. Nous examinons la tendance récente du déplacement de la propriété des entreprises vers les investisseurs par opposition aux arrangements coopératifs et “mutuels”. L ’ (...) a r gument a t ion sout i ent que l’intervention étatique peut être une explication importante des tendances récentes au Royaume Uni, notamment dans le domaine des institutions financières. Les suggestions selon lesquelles des modèles de gouvernance des entreprises par les “partenaires” devraient être introduits à travers l’intervention de l’Etat ignorent à la fois les coûts de transaction et l’importance d’assurer l’affectation du talent entrepreneurial en direction des ressources économiques.This paper considers competition between governance arrangements for firms. It is argued that a variety of ‘constitutional’ structures can be observed in the market and that historically this variety has served important transactional purposes. The Coasian and Austrian approaches to the explanation of governance arrangements are contrasted. Recent trends towards investor ownership of firms and away from co-operative and ‘mutual’ arrangements are considered. It is argued that government regulatory intervention may be an important explanation for recent trends in the UK, especially in the area of financial institutions. Suggestions that ‘stakeholder’ models of firm governance should be introduced through state intervention ignore considerations both of transactions costs and the importance of ensuring the allocation of entrepreneurial talent to the direction of economic resources. (shrink)