Institutional Economics
Institutional Economics
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Why is it that some countries become rich while others remain poor? Do markets require regulation to function efficiently? If markets offer an efficient way of exchanging goods, why do individuals even create firms? How are economic transactions organized in the absence of a state that could enforce contracts and guarantee property rights? Institutional economics has allowed social scientists to answer many fundamental questions about the organization and functioning of societies. This introduction to institutional economics is concise, yet easy to understand. It not only caters to students of economics but to anybody interested in this topical research area and its specific subfields. Both formal and informal institutions (such as customs, habits, and traditions) are discussed with respect to their causes and consequences, highlighting the important part they play for economic growth and development.
- Written in a concise, yet easy to understand style
- This English version of the hugely popular German textbook has been substantially revised and features new pedagogical features and online resources
- A continuation of Cambridge University Press's strong history of publishing in institutional economics, which includes titles by Nobel Laureates Elinor Ostrom and Douglass North
Reviews & endorsements
‘This book covers both contemporary and historical thinking on topics which are at the core of our understanding of how markets and governments work. Although grounded in economics research and thinking, it is written in a way that makes it accessible to a wide range of disciplinary backgrounds.' Timothy Besley, W. Arthur Lewis Professor of Development Economics, London School of Economics
‘The literature on institutional economics is vast. This book isn't just the place to start, it will take you all the way to the research frontier. An authoritative survey.' James A. Robinson, University of Chicago
Product details
June 2019Hardback
9781108473248
306 pages
235 × 157 × 22 mm
0.57kg
18 b/w illus. 11 tables
Available
Table of Contents
- Preface
- Introduction
- 1. The basics
- 2. Simple transactions
- 3. Repeated and long-term transactions: on the choice of governance structures with given institutions
- 4. Institutions and collective action
- 5. The relevance of institutions for growth and development
- 6. Explaining differences in external institutions across societies
- 7. Explaining change in internal institutions
- 8. On the need for normative theory
- 9. Consequences for economic policy
- 10. Outlook.
