New institutional economics: Foundations and latest trends

Judit Kozenkow ()
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Judit Kozenkow: Corvinus University of Budapest, Budapest, Hungary

Society and Economy, 2013, vol. 35, issue 1, 87-101

Abstract: The study aims to briefly review the main directions and latest trends of new institutional economic theory (NIE) that puts institutions in the focus of its research as an alternative to neoclassical economics. We present the applied definitions of institutions, highlight the main steps in the evolution of the institutional perspective and review its three main directions (property rights, transaction costs and contracts). Institutional economic works from the empirical field that prove significant connections between institutional variables and economic performance are also presented. We highlight new directions elaborated in the latest research. As a conclusion we summarize the main characteristics of NIE in order to call attention to the usefulness and value of this economic theory.

Keywords: economic performance; institutions; new institutional economics (search for similar items in EconPapers)
JEL-codes: B52 N01 O43 (search for similar items in EconPapers)
Date: 2013
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