This paper is an attempt to analyze institutional changes in the economy
synthesizing the original and new methodologies of institutional economics. The concepts of
social values, interest groups, and social capital are applied in this context in order to create a
theoretical framework based on a qualitative study of evolutionary dynamics of various
economic orders. Researching social values and actions of interest groups, the author
underscores manifold behavioral dimensions associated with the given behavioral pattern
formation and habits. The long-run evolutionary vector of development of institutions and
economic systems is determined by the values supported by the prevailing economic order –
either ceremonial or instrumental. Analyzing the phenomenon of ceremonial dominance
facilitates devising the measures of economic and social policy aimed to enhance the quality
of human and social capital.
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en
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Willenberg Foundation - CTU
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institutional economics
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institutional change
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social capital
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social values
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interest groups
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dc.title
INSTITUTIONAL CHANGES IN THE CONTEXT OF SOCIAL VALUES AND INTEREST GROUPS