The Institutional Revolution: A Review Essay
AbstractThis review essay discusses and appraises Douglas Allen’s The Institutional Revolution (2011) as a way of reflecting on the uses of the New Institutional Economics (NIE) in economic history. It praises and defends Allen’s method of asking “what economic problem were these institutions solving?” But it insists that such comparative-institutional analysis be imbedded within a deeper account of institutional change, one driven principally by changes – often endogenous changes – in the extent of the market and in relative scarcities. The essay supports its argument with a variety of examples of the NIE applied to economic history.
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Bibliographic InfoPaper provided by University of Connecticut, Department of Economics in its series Working papers with number 2013-11.
Length: 30 pages
Date of creation: Feb 2013
Date of revision:
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institutions; transaction costs; aristocracy; military history; factory system.;
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This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-06-04 (All new papers)
- NEP-HIS-2013-06-04 (Business, Economic & Financial History)
- NEP-HME-2013-06-04 (Heterodox Microeconomics)
- NEP-HPE-2013-06-04 (History & Philosophy of Economics)
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