Institutions and Economic Theory: The Contribution of the New Institutional Economics (Economics, Cognition, and Society) | 
| Authors: Eirik G. Furubotn, Rudolf Richter
Publisher: University of Michigan Press
Category: Book
Buy New: $171.29
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Avg. Customer Rating:  3 reviews
Sales Rank: 4915825
Media: Hardcover
Number Of Items: 1
Pages: 576
Shipping Weight (lbs): 2.1
Dimensions (in): 9.3 x 6.2 x 1.7
ISBN: 0472108174
Dewey Decimal Number: 330
EAN: 9780472108176
ASIN: 0472108174
Publication Date: March 1, 1998
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Product Description
A much-needed exploration of the New Institutional Economics, or NIE, including a critical assessment of its central theoretical contributions since the field's early beginnings in the 1960s, is this book's objective. It traces the development of major ideas about the genesis and significance of institutions as these ideas have been presented in the NIE. Given the fundamental understanding underlying work in this new area of research--that transactions involve the use of real resources and have costs--the book views the NIE as an amalgam of transaction-cost economics, property-rights analysis, and contract theory.
Efforts are made to explain how the various theoretical strands discussed in the NIE literature fit into the general fabric of modern institutionalism, and how the new concepts put forward can be applied to institutional analysis. Since the new institutionalist approach contrasts sharply with that of the traditional neoclassical model, special attention is given to elucidating the points of difference between the two. And, along these lines, a final chapter deals with the troubling question of whether neoinstitutionalist theory can be advanced by efforts to extend or generalize neoclassical theory.
The book will be essential reading for economists attracted to the NIE approach. In addition, scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance.
Eirik G. Furubotn is currently serving as Research Associate, University of Texas at Arlington; he recently retired as James L. West Professor of Economics, Texas A&M University. Rudolf Richter is Professor of Economics, Center for the Study of the New Institutional Economics, University of Saarlandes.
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| Customer Reviews:
 An excellent introduction to New Institutional Economics April 7, 2000
18 out of 20 found this review helpful
Written by two leading authors in the area, this major work explores at length the "new institutional economics." Research in this area has become prominent in the social sciences in the 1980s and 1990s. Addressed largely to academic economists and advanced students, the book covers transaction-cost economics, property-rights analysis, and the theory of contracts. The "new institutional" approach embraced here centers on the key concept of transaction costs. By use of this idea, an attempt is made to explain the nature and role of the organizations and institutions of economic life. The approach is much in the tradition of the work of Nobel Laureate Ronald Coase and his well-known and prolific follower Oliver Williamson.The book is organized into ten substantial chapters. After an introduction, the work moves on to a second chapter on the pivotal concept of transaction costs. Two chapters on property rights follow, then chapters on contract theory, markets, firms, and the state. A final chapter usefully considers possible future developments of the new institutional paradigm. The exposition is generally clear and helpful, and the volume is an excellent introduction to the literature of the new institutional economics. Each chapter ends with useful recommendations for further reading. As a comprehensive introduction to a particular type of institutional approach, the book cannot be easily faulted.... Overall, it is a pity that the volume under review did not probe more deeply into the literature on the possible weaknesses of the transaction-cost approach and thereby consider alternative explanations. Nevertheless, the achievements and positive features of the book should not be underestimated. It can be recommended as a comprehensive exploration of the transaction-cost paradigm.
 A Collection of Different Views March 24, 2000
0 out of 2 found this review helpful
This book contains some theoretic introduction on transaction cost, property rights and contract theory. Market, firm and state are the main topics of the later part of the book. This book is a collection of different views of different economists and political economists. There is little about the authors' view. The analysis is not systematically presented because they have put too much different arguements together in analyzing an issue. One good thing in this book is the reading list it contains.
A Collection of Different Views March 24, 2000
2 out of 6 found this review helpful
This book contains some theoretic introduction on transaction cost, property rights and contract theory. Market, firm and state are the main topics of the later part of the book. This book is a collection of different views of different economists and political economists. There is little about the authors' view. The analysis is not systematically presented because they have put too much different arguements together in analyzing an issue. One good thing in this book is the reading list it contains.
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