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
List Price: $35.00
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Avg. Customer Rating:  3 reviews
Sales Rank: 775826
Media: Paperback
Edition: 2
Number Of Items: 1
Pages: 672
Shipping Weight (lbs): 1.9
Dimensions (in): 8.8 x 5.9 x 1.5
ISBN: 0472030256
Dewey Decimal Number: 330
EAN: 9780472030255
ASIN: 0472030256
Publication Date: October 21, 2005
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Product Description
This second edition assesses some of the major refinements, extensions, and useful applications that have developed in neoinstitutionalist thought in recent years. More attention is given to the overlap between the New Institutional Economics and developments in economic history and political science. In addition to updated references, new material includes analysis of parallel developments in the field of economic sociology and its attacks on representatives of the NIE as well as an explanation of the institution-as-an-equilibrium-of-game approach.
Already an international best seller, Institutions and Economic Theory is essential reading for economists and students attracted to the NIE approach. Scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance. A useful glossary for students is included.
Eirik Furubotn is Honorary Professor of Economics, Co-Director of the Center for New Institutional Economics, University of Saarland, Germany and Research Fellow, Private Enterprise Research Center, Texas A&M University.
Rudolph Richter is Professor Emeritus of Economics and Director of the Center for New Institutional Economics, University of Saarland, Germany.
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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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