Równowaga instytucjonalna – fundament równowagi gospodarczej
Institutional Equilibrium: The Foundation of Economic Equilibrium

Summary/Abstract: The authors propose another than hitherto used, much broader approach to economic equilibrium, based on the achievements of various research streams that investigate the role of institutions in the economic and social life. These considerations are also a methodological and philosophical reflection on the state of economic sciences, especially as regards the foundations of the institutional order in the economy and society. They are of interdisciplinary character because only such an approach can be helpful in explaining the complex systemic conditions of economic activity and economic development. Contrary to the concepts of economic equilibrium prevailing in the neoclassical economics, which assume a constant institutional framework of the market and a decisive role of market mechanisms in shaping economic equilibrium, the institutional concept of equilibrium assumes its multi-layer structure and complementary character of various institutions accepted by the society, of different durability, scope, and genesis. The theory of institutional equilibrium explains why individual economies and societies do not go to ruin in spite of severe micro- and macroeconomic disequilibria that occur temporarily (sometimes cyclically). This theory is also more useful than many other theories in elucidating the causes of the decline of some economic systems and some civilizations.

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