New Institutional Economics
incorporates a theory of institutions - laws,
rules, customs, and
norms - into economics. It builds on, modifies, and
extends neoclassical theory.
It retains and builds on the fundamental
assumption of scarcity and
hence competition - the basis of the choice
theoretic approach that underlies microeconomics.
It has developed as a movement within the social sciences that unites
and empirical research examining the role of institutions in
furthering or preventing economic growth. It includes work in transaction
political economy, property rights, hierarchy and organization, and
public choice. It involves work in political science, law, sociology,
anthropology, and other social sciences.
Glossaries (English, Chinese,
NIE Terms Translated
Reading List - Introductory
Reading List - North & Nye 2003
Links and Resources