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Institutions and Economic Theory The Contribution of the New Institutional Economics

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ISBN-10: 0472030256

ISBN-13: 9780472030255

Edition: 2nd 2005

Authors: Rudolf Richter, Eirik G. Furubotn

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A much-needed exploration of the New Institutional Economics, or NIE, including a critical assessment of its central theoretical contributions since the field's early beginnings in the 1960s, is this book's objective. It traces the development of major ideas about the genesis and significance of institutions as these ideas have been presented in the NIE. Given the fundamental understanding underlying work in this new area of research--that transactions involve the use of real resources and have costs--the book views the NIE as an amalgam of transaction-cost economics, property-rights analysis, and contract theory. Efforts are made to explain how the various theoretical strands discussed in…    
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Book details

Edition: 2nd
Copyright year: 2005
Publisher: University of Michigan Press
Publication date: 10/21/2005
Binding: Paperback
Pages: 672
Size: 6.00" wide x 8.75" long x 1.50" tall
Weight: 1.936
Language: English

Introductory observations
Transaction costs
Absolute property rights : ownership of physical objects
Relative property rights : contractual obligations
Contract theory
The new institutional economics applied to markets, firms, and the state : general remarks
The new institutional economics of the market
The new institutional economics of the firm
The new institutional economics of the state
Future development of the new institutional economics