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The New Institutional Economics: Taking Stock, Looking Ahead

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  • Oliver E. Williamson

Abstract

This paper examines the progressive development of the new institutional economics over the past quarter century. It begins by distinguishing four levels of social analysis, with special emphasis on the institutional environment and the institutions of governance. It then turns to some of the good ideas out of which the NIE works: the description of human actors, feasibility, firms as governance structures, and operationalization. Applications, including privatization, are briefly discussed. Its empirical successes, public policy applications, and other accomplishments notwithstanding, there is a vast amount of unfinished business.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jel.38.3.595
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Bibliographic Info

Article provided by American Economic Association in its journal Journal of Economic Literature.

Volume (Year): 38 (2000)
Issue (Month): 3 (September)
Pages: 595-613

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Handle: RePEc:aea:jeclit:v:38:y:2000:i:3:p:595-613

Note: DOI: 10.1257/jel.38.3.595
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  1. Gatignon, Hubert & Anderson, Erin, 1988. "The Multinational Corporation's Degree of Control over Foreign Subsidiaries: An Empirical Test of a Transaction Cost Explanation," Journal of Law, Economics and Organization, Oxford University Press, vol. 4(2), pages 305-36, Fall.
  2. Holmstrom, Bengt & Milgrom, Paul, 1991. "Multitask Principal-Agent Analyses: Incentive Contracts, Asset Ownership, and Job Design," Journal of Law, Economics and Organization, Oxford University Press, vol. 7(0), pages 24-52, Special I.
  3. Allen, Douglas W & Lueck, Dean, 1999. "The Role of Risk in Contract Choice," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(3), pages 704-36, October.
  4. Priest, George L, 1993. "The Origins of Utility Regulation and the "Theories of Regulation" Debate," Journal of Law and Economics, University of Chicago Press, vol. 36(1), pages 289-323, April.
  5. Crocker, Keith J & Masten, Scott E, 1996. "Regulation and Administered Contracts Revisited: Lessons from Transaction-Cost Economics for Public Utility Regulation," Journal of Regulatory Economics, Springer, vol. 9(1), pages 5-39, January.
  6. Holmström, Bengt, 1989. "Agency Costs and Innovation," Working Paper Series 214, Research Institute of Industrial Economics.
  7. Joskow, Paul L, 1991. "The Role of Transaction Cost Economics in Antitrust and Public Utility Regulatory Policies," Journal of Law, Economics and Organization, Oxford University Press, vol. 7(0), pages 53-83, Special I.
  8. Hart, Oliver, 1995. "Firms, Contracts, and Financial Structure," OUP Catalogue, Oxford University Press, number 9780198288817.
  9. Robert W. Fogel, 1999. "Catching Up with the Economy," American Economic Review, American Economic Association, vol. 89(1), pages 1-21, March.
  10. McMillan, John & Woodruff, Christopher, 1999. "Dispute Prevention without Courts in Vietnam," Journal of Law, Economics and Organization, Oxford University Press, vol. 15(3), pages 637-58, October.
  11. Holmstrom, Bengt, 1989. "Agency costs and innovation," Journal of Economic Behavior & Organization, Elsevier, vol. 12(3), pages 305-327, December.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Combining Transaction Cost Economics and the Property Rights Approach
    by Peter Klein in Organizations and Markets on 2008-01-12 04:10:13
  2. Four Theories of the Firm
    by Peter Klein in Organizations and Markets on 2006-12-07 16:55:27

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography for Economics:
  1. > Schools of Economic Thought, Epistemology of Economics > Heterodox Approaches > Institutional Economics
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