New institutional economics: foundations and latest trends
New institutional economics: foundations and latest trends
Author(s): Judit KozenkowSubject(s): National Economy, Economic policy, Economic development
Published by: Akadémiai Kiadó
Keywords: economic performance; institutions; new institutional economics;
Summary/Abstract: The study aims to briefly review the main directions and latest trends of new institutional economic theory (NIE) that puts institutions in the focus of its research as an alternative to neoclassical economics. We present the applied definitions of institutions, highlight the main steps in the evolution of the institutional perspective and review its three main directions (property rights, transaction costs and contracts). Institutional economic works from the empirical field that prove significant connections between institutional variables and economic performance are also presented. We highlight new directions elaborated in the latest research. As a conclusion we summarize the main characteristics of NIE in order to call attention to the usefulness and value of this economic theory.
Journal: Society and Economy. In Central and Eastern Europe ǀ Journal of the Corvinus University of Budapest
- Issue Year: 35/2013
- Issue No: 1
- Page Range: 87-101
- Page Count: 15
- Language: English
