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New Institutional Economics

Peter G. Klein

University of Missouri, Division of Applied Social Sciences; Norwegian School of Economics and Business Administration; Ludwig von Mises Institute

July 1998

This essay surveys the new institutional economics, a rapidly growing literature combining economics, law, organization theory, political science, sociology, and anthropology to understand social, political, and commercial institutions. This literature tries to explain what institutions are, how they arise, what purposes they serve, how they change, and how they may be reformed. Following convention, I distinguish between the institutional environment (the background constraints, or rules of the game that guide individuals' behavior) and institutional arrangements (specific guidelines designed by trading partners to facilitate particular exchanges). In both cases, the discussion here focuses on applications, evidence, and policy implications.

Number of Pages in PDF File: 48

JEL Classification: D23, D72, L22, L42, O17

working papers series

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Date posted: September 9, 1998  

Suggested Citation

Klein, Peter G., New Institutional Economics. July 1998. Available at SSRN: http://ssrn.com/abstract=115811 or http://dx.doi.org/10.2139/ssrn.115811

Contact Information

Peter G. Klein (Contact Author)
University of Missouri, Division of Applied Social Sciences ( email )
135 Mumford Hall
Columbia, MO 65211
United States
573-882-7008 (Phone)
HOME PAGE: http://web.missouri.edu/~kleinp
Norwegian School of Economics and Business Administration ( email )
Breiviksveien 40
N-5045 Bergen
Ludwig von Mises Institute ( email )
Auburn, AL
United States
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References:  232
Citations:  46

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