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The Foundations of New Institutional Economics
“Institutions are incentive systems, that’s all they are. It is important to understand that because being incentive systems, they provide a guide to human behavior.”
Douglass C. North
OverviewThe New Institutional Economics (NIE) combines economics, economic history, political science, and area studies. A good understanding of NIE is crucial to analyze the reasons for success or shortcomings of economic reforms in different countries, since this approach explains how and why reforms are affected by pre-existing institutional environments. In order to pursue successful reforms, one must first understand the limitations inherent in a given political, economic, and social system - and how they can be overcome within that particular context. Additional Resources |
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