Institutional economy applied to the Natural Resources

The author intend to show how the perspective of institutional economy, worried about natural resources and the environment, insists in the necessity of a conceptual reconstruction of the concept of economy. This proposal is presented by considering three main aspects essentials for that reconstruction: a) The displacement of the philosophical assumptions of XVIII and XIX countries, b) Reformulation a widening of the meaning of the basic concepts and c) How to complement the marked price analysis with the consideration of social values. After analyzing these aspects it is show how they are applied to the study of natural resources and environmental problems through the notion of social costs