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Quick guide to New Institutional Economics


  • Eggertsson, Thráinn


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.

Suggested Citation

  • Eggertsson, Thráinn, 2013. "Quick guide to New Institutional Economics," Journal of Comparative Economics, Elsevier, vol. 41(1), pages 1-5.
  • Handle: RePEc:eee:jcecon:v:41:y:2013:i:1:p:1-5 DOI: 10.1016/j.jce.2013.01.002

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    References listed on IDEAS

    1. Douglass C. North, 2005. "Introduction to Understanding the Process of Economic Change," Introductory Chapters,in: Understanding the Process of Economic Change Princeton University Press.
    2. 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.
    3. Phelps, Edmund, 2015. "Seven Schools of Macroeconomic Thought," OUP Catalogue, Oxford University Press, number 9780198743903, June.
    4. Daron Acemoglu & James Robinson, 2010. "The Role of Institutions in Growth and Development," Review of Economics and Institutions, Università di Perugia, vol. 1(2).
    5. 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.
    6. 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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    Cited by:

    1. Johnson, Marianne & Kovzik, Alexander, 2016. "Teaching comparative economic systems 25 years after the collapse of the Soviet Union," International Review of Economics Education, Elsevier, vol. 22(C), pages 23-33.
    2. repec:ttu:rebcee:93 is not listed on IDEAS

    More about this item

    JEL classification:

    • P5 - Economic Systems - - Comparative Economic Systems
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative


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