On the Influence of Metamodernity on Institutional Economic Theory

Abstract

The article analyses the influence of the philosophy of metamodernism on the institutional economic theory. The author considered the philosophy of metamodernism as a complex of ideas that form the “spirit of the times” – ​the “era of metamodernity”, which is an external environment in relation to institutional economic theory. Having analyzed the key characteristics of modernity and postmodernity, the author proved that metamodernity is not only a synthesis of the philosophical ideas of modernity and postmodernity, but also a new worldview that embraces the entire socio-economic reality. The author formulated the features of the era of metamodernity in the context of economics-society-institutions. The author found that under the influence of the ideas of metamodernity, there have been changes in the motivation of economic agents: from the satisfaction of subjective preferences to the search for new emotional reactions. This, in turn, led to changes in collective (social) economic behavior: rejection of traditional values in favor of values of self-expression, rejection of long-term relationships in favor of long-term ones. According to the author, changes in individual and collective economic behavior occur in parallel with institutional changes at the micro, meso and macro levels: hierarchical institutional structures are being replaced by socio-economic and business ecosystems. Exploring the evolution of economic science in the context of evolution from modern philosophy to postmodern and metamodern philosophy, the author revealed the influence of the ideas of metamodernity on modern economic theory in general and institutional economic theory in particular. The author found that under the influence of the ideas of metamodernity, changes occur in the object and subject of economic research, which requires the improvement of the methodology of institutional economic theory based on an interdisciplinary approach.