Resumen de The credibility thesis – A commentary from an original institutionalist position
This paper delivers an evaluation of the credibility thesis (CT) based on perspectives from original institutional economics. I first ask in what kind of explanation CT is grounded. Emphasizing functionality and denouncing intentionality, may indicate that it adheres to a functionalist type. At the same time, it does not seem to fulfil the criteria for such an explanation. CT explicitly refutes the idea of institutions in equilibrium. Second, I evaluate the proposal underlying CT that function supersedes form. I conclude that such a position cannot be generally defended. Form may even in some cases define what is understood as functional. Third, I therefore ask how to explain what institutions evolve and persist if they neither are chosen intentionally nor stabilized by functionalist mechanisms like an equilibrium. While there is definitive merit to the thesis and the research it has motivated, my analysis points towards a need for some reformulations.
