Understanding Value Change in the Energy Transition: Exploring the Perspective of Original Institutional Economics

Area of Science:

• Socioeconomics
• Economics of Technology
• Institutional Economics

Background:

• The energy transition involves complex sociotechnical transformations.
• Understanding value change is crucial for navigating these transformations.
• Existing accounts of value change have conceptual and methodological limitations.

Purpose of the Study:

• To apply Original Institutional Economics (OIE) as a framework for studying value change in the energy transition.
• To develop an OIE-based conceptual model integrating nature, humans, technology, economics, society, culture, institutions, and habits.
• To demonstrate how this framework can analyze the reframing of concerns into values and subsequent institutionalization.

Main Methods:

• Utilizing Original Institutional Economics (OIE) principles.
• Adopting a pragmatist philosophy and methodological interactionism.
• Developing a conceptual framework linking diverse elements of sociotechnical systems.

Main Results:

• OIE provides a robust perspective on value change, integrating technology as a transformational factor.
• The proposed framework connects environmental, social, and economic concerns to evolving individual and group values.
• The study illustrates how revised values can lead to collective action through institutionalization.

Conclusions:

• OIE offers a nuanced understanding of value dynamics in the energy transition.
• The framework facilitates analysis of how societal concerns become embedded as new values.
• This approach enhances comprehension of the interplay between technological development and social relations in shaping values.