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New institutional economics: Foundations and latest trends

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  • Judit Kozenkow

    (Corvinus University of Budapest, Budapest, Hungary
    American University Washington DC USA)

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.

Suggested Citation

  • Judit Kozenkow, 2013. "New institutional economics: Foundations and latest trends," Society and Economy, Akadémiai Kiadó, Hungary, vol. 35(1), pages 87-101, April.
    • Handle: RePEc:aka:soceco:v:35:y:2013:i:1:p:87-101
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    References listed on IDEAS

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    1. Peter J. Boettke & Christopher J. Coyne & Peter T. Leeson, 2015. "Institutional stickiness and the New Development Economics," Chapters, in: Laura E. Grube & Virgil Henry Storr (ed.), Culture and Economic Action, chapter 6, pages 123-146, Edward Elgar Publishing.
    2. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, June.
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    6. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    7. Brousseau,Éric & Glachant,Jean-Michel (ed.), 2008. "New Institutional Economics," Cambridge Books, Cambridge University Press, number 9780521876605, Enero-Abr.
    8. Brousseau,Éric & Glachant,Jean-Michel (ed.), 2008. "New Institutional Economics," Cambridge Books, Cambridge University Press, number 9780521700160, Enero-Abr.
    9. Philip R. Lane & Aaron Tornell, 1999. "The Voracity Effect," American Economic Review, American Economic Association, vol. 89(1), pages 22-46, March.
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    Cited by:

    1. Muhammad Khalid Anser & Muhammad Asif Khan & Mohammed Arshad Khan & Wang Huizhen & Ahsanuddin Haider, 2024. "The effectiveness of emerging markets’ legal structure in explaining financial development," PLOS ONE, Public Library of Science, vol. 19(4), pages 1-19, April.

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    More about this item

    Keywords

    economic performance; institutions; new institutional economics;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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