Chapter 3: Institutions and the economy
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Spanning several academic disciplines, the study of economic institutions is now prominent in the social sciences. But partly because of this multi-disciplinarity, there are disputes over the definitions and understanding of key terms, as well as the deployment of different methods. This chapter examines some of the most important terms, including institution and rule. It also considers possible explanations of rule-following and of the adequacy of the rational choice approach. Particular types of economic institutions, such as firms, markets, property, money and the state are also discussed. A penultimate section reviews work that has established the importance of institutions in economic development. A final section addresses the future of institutional research.

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Edited by Milan Zafirovski
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