IDEAS home Printed from
   My bibliography  Save this article

New institutional economics: Foundations and latest trends


  • Judit Kozenkow

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


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

    Download full text from publisher

    File URL:
    Download Restriction: subscription

    As the access to this document is restricted, you may want to search for a different version of it.

    More about this item


    economic performance; institutions; new institutional economics;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • 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


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:aka:soceco:v:35:y:2013:i:1:p:87-101. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Vajda, Lőrinc). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.