Key Aspects of the New Institutional Economics (NIE)

Oleh Havrylyshyn and Nora Srzentić

Chapter 2 in Institutions Always “Mattered”, 2015, pp 15-41 from Palgrave Macmillan

Abstract: Abstract This chapter will provide a background on the recent literature focusing on institutions as a factor behind economic success of countries, not only looking back in history but also in current policy discussions about sustained growth in developing countries, the recent post-communist transition, and also the current slow-growth problems of advanced countries like the US and Europe. Adducing the importance of good institutions goes well beyond the economic literature, and has become commonplace in other social sciences: political studies, sociology, and history. We will focus primarily on the work of economists, though many writings follow a political economy approach and sometimes overlap with other disciplines. This chapter does not purport to do a comprehensive survey of this literature, but only highlights its main points to give a selective resume of those aspects of the NIE most relevant to this book.1

Keywords: Instrumental Variable; Institutional Quality; Economic History; Great Recession; Legal Origin (search for similar items in EconPapers)
Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palscp:978-1-137-33978-2_2

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DOI: 10.1057/9781137339782_2

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