Frontiers of the New Institutional Economics / Edition 1

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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.

Key Features
* 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

Audience: Economists working on economic history; sociologists and political scientists; upper-division undergraduate social science students; instructors and students in economic history and institutional economics.

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Product Details

  • ISBN-13: 9780122222405
  • Publisher: Emerald Group Pub Ltd
  • Publication date: 2/20/1997
  • Edition number: 1
  • Pages: 374
  • Product dimensions: 6.01 (w) x 8.95 (h) x 0.73 (d)

Meet the Author

John N. Drobak is Professor of Law at the Washington University School of Law. He also holds appointments at Washington University as a Professor of Economics and a Professor of Business, as well as Professor of Business at the United States Business School in Prague. He received his J.D. from Stanford University and writes about issues in economic regulation.

John V.C. Nye, an Associate Professor of Economics and History at Washington University, received his Ph.D. from Northwestern University. He is the recipient of a Washington University Faculty Research Grant and a John M. Olin Research Fellowship. He has published widely on economic history and industrial organization.

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Table of Contents

I Prologue 3
II Douglass C. North and Economic Theory 13
III The Political Economy of Warfare and Taxation in Early Modern Europe: Historical Lessons for Economic Development 31
IV On the Interrelations and Economic Implications of Economic, Social, Political, and Normative Factors: Reflections from Two Late Medieval Societies 57
V Cultural Values, Ideological Beliefs, and Changing Labor Institutions: Notes on Their Interactions 95
VI Thinking about the State: Property Rights, Trade, and Changing Contractual Arrangements in a World with Coercion 121
VII Violence and the Development of Property Rights to Land in the Brazilian Amazon 145
VIII Changing Property Rights: Reconciling Formal and Informal Rights to Land in Africa 165
IX Intertemporal Institutions 197
X The Political Foundations of Limited Government: Parliament and Sovereign Debt in 17th- and 18th-Century England 213
XI Credible Commitment in the United States: Substantive and Structural Limits on the Avoidance of Public Debt 247
XII Economic Reason: The Interplay of Individual Learning and External Structure 269
XIII Beyond Rational Expectations: Indeterminacy in Economic and Financial Markets 291
XIV Making Use of Treacherous Advice: Cognitive Process, Bayesian Adaptation, and the Tenacity of Unreliable Knowledge 305
Index 367
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