Abstract
There is basic agreement among economists that institutions matter - however, there is less agreement about how they matter. For empirical research, the most promising strategies to learn about the functions and functioning of institutions are comparative analysis, i.e. the comparison of institutions performing similar tasks in different environments, and the study of institutional change. As Herbert Simon points out in his “Sciences of the Artificial”, we can learn most about the inner structure of systems by analysing them under extreme conditions (Simon 1996: 12). Institutional change defines just such a situation. Institutions change not by themselves, they do so only under pressure and after adjustment has become inevitable. Institutional change, therefore, offers something like a crash-test for those interested in the functioning of institutions. Like a crash-test, it reveals the inner logic of institutional arrangements and their functional limitations.
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© 2000 Betriebswirtschaftlicher Verlag Dr. Th. Gabler GmbH, Wiesbaden
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Waldenberger, F. (2000). Institutional change — lessons from the Japanese banking crisis. In: Riekeberg, M., Stenke, K. (eds) Banking 2000. Gabler Verlag. https://doi.org/10.1007/978-3-322-90182-8_5
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DOI: https://doi.org/10.1007/978-3-322-90182-8_5
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