Frontiers of the New Institutional Economics / Edition 1by John Nye John Drobak, John V. C. Nye
Pub. Date: 02/20/1997
Publisher: Emerald Group Pub Ltd
The New Institutional Economics incorporates a theory of institutions into economics. It builds upon the fundamental assumptions of scarcity and competition but abandons institutional rationality. Consequently, NIE assumes that individuals make choices based on incomplete information and limited mental capacity, forming institutions to reduce uncertainty in human exchange. These insights have implications for technological change, property rights, and public choice. The Frontiers of the New Institutional Economics presents new essays written specifically for this volume. These essays Provide an introduction to the nature and practice of the New Institutional Economics, with a special emphasis on economic history and political economy. Among the contributors are Nobel Prize winners Douglass North and Robert Fogel.
* Contains essays by Nobel Prize winners Douglass North and Robert Fogel
* Presents a field of economics useful to students of political science and sociology.
* Applicable to studies of technological change, property rights, and public choice
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Table of ContentsTheoretical Foundations:
D.C. North, Prologue.
R.W. Fogel, Douglass C. North and Economic Theory.
P.T. Hoffman and J.-L. Rosenthal, The Political Economy of Warfare and Taxation in Early Modern Europe: Historical Lessons for Economic Development.
A. Greif, On the Interrelations and Economic Implications of Economic, Social, Political and Normative Factors: Reflections From Two Late Medieval Societies.
S.L. Engerman, Cultural Values, Ideological Beliefs, and Changing Labor Institutions: Notes on Their Interactions.
J.V.C. Nye, Thinking About the State: Property Rights, Trade, and Changing Contractual Arrangements in a World with Coercion. Institutions and Political Economy:
L.J. Alston, G.D. Libecap, B. Mueller, Violence and the Development of Property Rights to Land in the Brazilian Amazon.
J. Ensminger, Changing Property Rights: Reconciling Formal and Informal Rights to Land in Africa.
R.H. Bates and K.A. Shepsle, Intertemporal Institutions.
B.R. Weingast, The Political Foundations of Limited Government: Parliament and Sovereign Debt in 17th- and 18th-Century England.
J.N. Drobak, Credible Commitment in the United States: Substantive and Structural Limits on the Avoidance of Public Debt.
Learning, Cognition and Rationality:
A. Clark, Economic Reason: The Interplay of Individual Learning and External Structure.
W.B. Arthur, Beyond Rational Expectations: Indeterminancy in Economic and Financial Markets.
P.A. David and W.C. Sanderson, Making Use of Treacherous Advice: Cognitive Process, BayesianAdaptation, and the Tenacity of Unreliable Knowledge.
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