Quick guide to New Institutional Economics
The old field of Comparative Economic Systems lacked a theoretical framework, which New Institutional Economics now provides. The paper is a brief guide to NIE: its strength, weaknesses, policy implications, and future tasks. The intellectual interest in the NIE approach is directly related to the gap between prevailing economic property rights (institution) and best practice (most productive) arrangements. A large productivity gap on a national scale is mainly found in two circumstances: in low income countries that fail to import and adapt existing technologies, and in high income countries failing to cope with new technologies, such as digitization.
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References listed on IDEAS
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- Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters, in: Understanding the Process of Economic Change Princeton University Press.
- Pauline Grosjean, 2011. "The Weight of History on European Cultural Integration: A Gravity Approach," American Economic Review, American Economic Association, vol. 101(3), pages 504-508, May.
- Phelps, Edmund, 2015.
"Seven Schools of Macroeconomic Thought,"
Oxford University Press, number 9780198743903.
- Robert J. Gordon, 2012. "Is U.S. Economic Growth Over? Faltering Innovation Confronts the Six Headwinds," NBER Working Papers 18315, National Bureau of Economic Research, Inc.
- Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
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