“Appropriately thorough” economic “analysis should include an examination of the institutional structure itself in a predictive explanatory sense. The economist should not be content with postulating models and then working within such models. His task includes the derivation of the institutional order itself from the set of elementary behavioral hypotheses with which he commences. In this manner, genuine institutional economics becomes a significant and an important part of fundamental economic theory.”
The Institutions and Political Economy Group is a research program of the School of Economic and Business Sciences of the University of the Witwatersrand that promotes the study of the relationship among institutions, organizations and markets through the simple principles of economic reasoning. We apply the insights generated by institutional, organizational, political and public economics to issues pertaining to economic performance through time.