The Rationale Behind Change: Institutions, Development, and Principles of Economics Based on the China Paradigm

This book reviews the historical trajectory of economic studies on institutions and points out their limitations. It constructs a new framework for institutional analysis using transaction costs and transaction modules, proposes measuring transaction costs through time, elucidates the evolution of institutions through these costs, and incorporates the trade of rights between governments, markets, and enterprises into the realm of economic institutional research. The book argues that China's...