Browse by title

You are looking at 1 - 10 of 2,391 items :

  • Politics and Public Policy x
  • All accessible content x
Clear All
This content is available to you

Alexander W. Cappelen and Bertil Tungodden

This content is available to you

Edited by Claude Ménard and Mary M. Shirley

This content is available to you

Edited by Mara Tignino and Christian Bréthaut

This content is available to you

Edited by Padraic Kenna, Sergio Nasarre-Aznar, Peter Sparkes and Christoph U. Schmid

This content is available to you

Edited by Padraic Kenna, Sergio Nasarre-Aznar, Peter Sparkes and Christoph U. Schmid

This content is available to you

Michel Bauwens

This content is available to you

Padraic Kenna

This content is available to you

Claude Ménard and Mary M. Shirley

When New Institutional Economics (NIE) first appeared on the scholarly scene in the early 1970s, it was a transformative movement. NIE aimed to radically alter orthodox economics by showing that institutions are multidimensional and matter in significant ways that can be statistically measured and systematically modeled. In the decades since, thousands of articles and books have pursued this premise and NIE has evolved from an upstart movement to a major influence on researchers in economics, political science, law, management, and sociology. What made New Institutional Economics a radical idea was that it abandoned: [. . .]the standard neoclassical assumptions that individuals have perfect information and unbounded rationality and that transactions are costless and instantaneous. NIE assumes instead that individuals have incomplete information and limited mental capacity and because of this they face uncertainty about unforeseen events and outcomes and incur transaction costs to acquire information. To reduce risk and transaction costs humans create institutions, writing and enforcing constitutions, laws, contracts and regulations – so-called formal institutions – and structuring and inculcating norms of conduct, beliefs and habits of thought and behavior – or informal institutions. (Menard and Shirley, 2005, p. 1)

This content is available to you

Edited by Israel Doron and Nena Georgantzi