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Full Description
This wide-ranging and highly accessible introduction presents both the key theories of Original Institutional Economics and New Institutional Economics in a balanced and intuitive way, reserving technical discussions mainly for appendices. The authors have assumed only minimal, principles-level, knowledge of economics on the part of the reader, making the text ideally suited for use as core reading in undergraduate courses as well as in graduate courses where the backgrounds of students are diverse.
Contents
PART I: INTRODUCTION
What is Institutional Economics about?
PART II: THEORY
Theoretical Framework
Static Approaches to Institutions
The Dynamics of Institutions
PART III: PRIVATE GOVERNANCE STRUCTURES
Markets
Firms
Cooperation Between Firms
PART IV: PUBLIC GOVERNANCE STRUCTURES
State Intervention to Protect the Public Interest
Government Failures.



