Course Information
SemesterCourse Unit CodeCourse Unit TitleT+P+LCreditNumber of ECTS CreditsLast Updated Date
6İKT332Institutional Economics2+0+02318.08.2026
Course Details
Language of Instruction Turkish
Level of Course Unit Bachelor's Degree
Department / Program Economics
Type of Program Formal Education
Type of Course Unit Elective
Course Delivery Method Face To Face
Objectives of the Course The aim of this course is to get to know the phenomenon of Institutional Economics by considering its traditional and current characteristics/representatives. At this point, first of all, in the context of prominent names such as Thorstein Veblen, John R. Commons and Clarence E. Ayres, the criticisms of the Original Institutional Economics school towards classical economic theory and the foundations on which these criticisms are based will be emphasized. This effort will make it easier for us to see where the New and Old Institutional Economics approaches are parallel and where they differ from each other. After this, the contributions of important representatives of New Institutional Economics such as Ronald H. Coase, Oliver E. Williamson and Douglass North, especially to the theory of the firm as a sub-topic of microeconomics and to macroeconomic issues such as economic development, will be emphasized. We will try to reach clues about how effective this movement, which previously caused the concepts of Transaction Cost Economics, “governance structures,” “positive externalities,” “bounded rationality,” “property rights,” etc. to be increasingly discussed in academic circles, can be in determining macro-scale economic policies today.
Course Content Important representatives of New Institutional Economics, their contributions to the theory of the firm and economic development; transaction cost economics, governance structures, positive externalities, bounded rationality, property rights concepts and their effects on macro policies.
Course Methods and Techniques Lecture, Discussion, Question and Answer, Brainstorming.
Prerequisites and co-requisities None
Course Coordinator Sekreter Turgay Bozan
Name of Lecturers None
Assistants None
Work Placement(s) No

Recommended or Required Reading
Resources Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
Course Notes -

Course Category
Field %100

Planned Learning Activities and Teaching Methods
Activities are given in detail in the section of "Assessment Methods and Criteria" and "Workload Calculation"

Assessment Methods and Criteria
In-Term Studies Quantity Percentage
Mid-terms 1 % 50
Final examination 1 % 50
Total
2
% 100

 
ECTS Allocated Based on Student Workload
Activities Quantity Duration Total Work Load
Course Duration 15 2 30
Mid-terms 1 30 30
Final examination 1 30 30
Total Work Load   Number of ECTS Credits 3 90

 
Course Learning Outcomes: Upon the successful completion of this course, students will be able to:
NoLearning Outcomes
1 The impact of institutions on economic life is learned.
2 The impact of institutions on the behavior of individuals is understood.;
3 The importance of issues such as public choice, transaction costs, and property rights is realiz
4 The propositions of schools of thought in the context of institutional economics are learned.;
5 The contributions of important institutional economists to the literature are learned.
6 The differentiation experienced by the institutional economics school is analyzed.

 
Weekly Detailed Course Contents
WeekTopicsStudy MaterialsMaterials
1 Institutional Economics: Then and Now - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
2 Understanding Institutions as Factors Shaping Economic Performance - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
3 Cultural Consequences of Markets and Other Economic Institutions - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
4 Institutional Economics Approach - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
5 Ideologies and Institutions - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
6 Historical and Comparative Institutional Analysis - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
7 New Institutional Economics - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
8 Mid term Exam -- -
9 Economic Routines - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
10 Knowledge, Consumption and Internal Development - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
11 Information and Markets - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
12 The Theory of Property of Money and Interest - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
13 The Role of the State and the Hierarchy of Money - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
14 Markets as Changing Quantitative Elements - Geoffrey M. Hodgson “Recent Developments in Institutional Economics”
15 Final Exam - -
16 Final Exam - -

 
Contribution of Learning Outcomes to Programme Outcomes
P1 P2 P3 P4 P5 P6 P7 P8 P9 P10 P11 P12
All 5 3 4 4 5 5 5 5 4 2 5 2
C1 5 3 3 4 4 5 5 4 3 2 4 2
C2 4 3 3 5 4 5 4 5 3 2 4 2
C3 5 3 3 4 5 5 5 4 3 5 2 5
C4 5 4 4 3 4 5 5 4 3 3 4 3
C5 5 4 4 3 4 5 5 4 4 3 4 3
C6 4 3 4 3 4 5 4 4 3 3 4 3

  Contribution: 1: Very Slight 2:Slight 3:Moderate 4:Significant 5:Very Significant