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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

List price: $43.95
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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 the NIE literature fit into the general fabric of modern institutionalism, and how the new concepts put forward can be applied to institutional analysis. Since the new institutionalist approach contrasts sharply with that of the traditional neoclassical model, special attention is given to elucidating the points of difference between the two. And, along these lines, a final chapter deals with the troubling question of whether neoinstitutionalist theory can be advanced by efforts to extend or generalize neoclassical theory. The book will be essential reading for economists attracted to the NIE approach. In addition, scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance. Eirik G. Furubotn is currently serving as Research Associate, University of Texas at Arlington; he recently retired as James L. West Professor of Economics, Texas A&M University. Rudolf Richter is Professor of Economics, Centerfor the Study of the New Institutional Economics, University of Saarlandes.
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Book details

List price: $43.95
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