NEW INSTITUTIONAL ECONOMICS (NIE):. Slides are from a presentation made by: Mylène Kherallah, John Maluccio, & Nancy McCarthy IFP RI. Every school of thought is like a man who has talked to himself for a hundred years and is delighted with his own mind, however stupid it may be.
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Slides are from a presentation made by:
Mylène Kherallah, John Maluccio,
& Nancy McCarthy
Every school of thought is like a man who has talked to himself for a hundred years and is delighted with his own mind, however stupid it may be.
(J.W.Goethe, 1817, Principles of Natural Science)
NIE: A NEW SCHOOL OF THOUGHT
“There you go gentlemen. According to this, we are now a “school of thought.”
A set of formal and informal rules of conduct that facilitate coordination or govern relationships between individuals.
New Economic History institutions, formal & informal
(North, Fogel, Rutheford)
Public Choice & Political Economy
(Buchanan, Tullock, Olson, Bates)
New Social Economics
Property rights literature
Transaction Costs Economics
(Coase, North, Williamson)
Economics of information
(Akerlof, Stigler, Stiglitz)
Theory of Collective Action
(Ostrom, Olson, Hardin)
Law and Economics
“The inability of societies to develop effective, low-cost enforcement of contracts is the most important source of both historical stagnation and contemporary underdevelopment in the third world.”
Globalization & industrialization
Market liberalization & government devolution
Increasing reliance on vertical linkages, long-term contracts, and coordinated relationships
A need to extend the models economists use and to incorporate findings from other fields
- in fact already exist many examples
Norms institutions, formal & informal
Coordination and cooperation
Private versus Public goodSocial Capital definition: deconstruction