New Institutional Economics

Lee J. Alston

72 citations0/0 files storedThe New Palgrave Dictionary of Economics

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Economic Theory and Institutions Law, Economics, and Judicial Systems Culture, Economy, and Development Studies

Abstract

The new institutional economics (NIE) consists of a set of analytical tools or concepts from a variety of disciplines in the social sciences, business and law. The NIE addresses two overarching issues: what are the determinants of institutions – the formal and informal rules shaping social, economic and political behaviour? And what impact do institutions have on economic performance? It is the impact of institutions via property rights and transaction costs that ultimately affect the ability of individuals and societies (at a macro level) to extract the gains from trade which in turn can lead to enhanced economic well-being.

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References

1990Institutions, Institutional Change and Economic Performance 1937The Nature of the Firm 1990Governing the Commons 1960The Problem of Social Cost 1965The Logic of Collective Action 1986The Economic Institutions of Capitalism 1980Agency Problems and the Theory of the Firm 2010Capitalism, Socialism and Democracy

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