The aim of this arti cle is to show that the New Insti tuti onal Economics is an interdisciplinary stream combining economics, law, organizati on theory, politi cal sciences, sociology, and anthropology. The main theories which are part of the New Insti tuti onal Economics are: Agency Theory,...

The inheritance of contemporary financial economics invites us to consider financial stability as integral to a liberal market setting. The crisis however demonstrated that financial markets may prove highly dysfunctional in the absence of adequate mechanisms of regulation and governance. This...

The aim of this arti cle is to show that the New Insti tuti onal Economics is an interdisciplinary stream combining economics, law, organizati on theory, politi cal sciences, sociology, and anthropology. The main theories which are part of the New Insti tuti onal Economics are: Agency Theory,...

This essay examines the historiography of two episodes in history – the scattering of plots in the open fields in the Middle Ages and the transition to the factory system in the Industrial Revolution – to shed light on the uses of institutional economics in economic history. In both of these...

This paper relates economic development to transaction costs. It reveals the triad transaction costs-market failure-economic underdevelopment. Many scholars attribute the problems of development to the failure of markets to perform their role of resource allocation. Some deny market failure and...

Ronald Coase article from 1937, The Nature of the Firm, meant a new way of thinking and conceiving of the world, especially of economic organisations. Coase argued that the firm and the market represent two alternative ways to organise the same transactio

This paper shows how some of the most important concepts of the New Institutional Economics (NIE) can be expressed in terms of Implementation Theory (IT). First, it explains some of the expressions used by the NIE, such as institutions, transaction costs, property rights and methodological...

Social institutions are persistent regularities in contracting and other relations amongst men and in the unintended consequences of such rule-like behavior. They include morality and law as well as institutions of governance such as branding and advertising. Institutions are studied in all...