Peter G. Klein University of Missouri at Columbia - Contracting and Organizations Research Institute (CORI); Norwegian School of Economics and Business Administration
July 1998
Abstract:
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.
JEL Classifications: D23, D72, L22, L42, O17
Working Paper Series
Date posted: September 09, 1998
; Last revised: September 24, 1998
Suggested Citation
Klein, Peter G., New Institutional Economics. July 1998. Available at SSRN: http://ssrn.com/abstract=115811 or doi:10.2139/ssrn.115811
Contact Information
Peter G. Klein (Contact Author)
University of Missouri at Columbia - Contracting and Organizations Research Institute (CORI) ( email )
135D Mumford Hall Columbia, MO 65211 United States
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