Advanced Introduction to New Institutional Economics
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Claude Ménard, Professor of Economics, Centre d'Economie de la Sorbonne, Université de Paris (Panthéon-Sorbonne), France and Mary M. Shirley, President, The Ronald Coase Institute, US<i>‚ÄòThis¬†Advanced Introduction provides a terrific exposition of New Institutional Economics. The foundations of transaction costs, property rights, and contracting produce applications concerning institutions large and small, covering a substantial share of economic activity. Much of the world's economic progress and institutional change will rely on these ideas.‚Äô</i>
- – Robert Gibbons, Massachusetts Institute of Technology, US,
<i>‘Many trees planted by the New Institutional Economics are thriving in the mainstream of the social sciences, but it is easy to lose track of the NIE forest. This indispensable and authoritative book comes to the rescue, synthesizing a vast literature, covering many domains of human interaction and showing that a society's success rests on the institutional choices made by its members.’</i>
- – Philip Keefer, Inter-American Development Bank, US,
<i>‘Now, for the first time, we have a comprehensive guide to the new institutional economics and allied fields. This Advanced Introduction covers topics such as transactions cost, property rights, contracts, organizations, and state and legal institutions; plus two “transversal topics”, institutions and public policy and institutional change and development. A must read for both students and professionals.’</i>
- – Barry Weingast, Stanford University, US,
<i>‘NIE is one of the economic fields whose influences go far beyond the borders of economics. But it is also an often misunderstood field. This introductory book, written by two veteran experts of NIE, is a timely work to acquaint the reader with the main concepts and approaches of NIE. It should be read by anyone who is about to study institutional issues within and outside economics.’</i>
- – Yang Yao, Peking University, China,
New institutional economics (NIE) is a powerful tool for understanding real world phenomena. This Advanced Introduction explores NIE’s answers to fundamental questions about the organization, growth and development of economies, such as why are some countries rich and others poor? Why are activities organized as firms or markets or through alternative organizational solutions? When are shared resources overexploited?
Key Features:
- Elucidates the essence of NIE’s main branches, focusing on the
governance of transactions and organizations (identified with Oliver
Williamson), the fundamental institutional environment (Douglass
North), and the role of communal institutions and collective action (Elinor
Ostrom) - Explores how NIE has transformed perspectives on collective action, state
and legal institutions, public policy and regulation, and economic growth - Extensive references to allow interested readers to dive deeper into specific topics
- Authored by scholars associated early on with leading figures in NIE and the development of NIE’s research agenda.
This Advanced Introduction is an ideal read for advanced students of economics, political science, management, law and sociology interested in learning about new institutional economics. Policy makers, especially those responsible for business and utility regulation and development policy and assistance, will also benefit from this concise yet detailed book.