Kenneth Arrow and the New Institutional Economics

Oliver Williamson

Chapter 20 in Arrow and the Foundations of the Theory of Economic Policy, 1987, pp 584-599 from Palgrave Macmillan

Abstract: Abstract Kenneth Arrow’s impeccable credentials as an economic theorist are celebrated in the 1972 Nobel Prize in Economics. Research in general equilibrium and social choice was massively reshaped by his original contributions. It is also well recognized that Arrow is much more than a virtuoso mathematical economist. His contributions to welfare economics include both theoretical and applied aspects. His studies of market and non-market organization include applications as well as pure theory. His interests in studying economic organization in a ‘rational spirit’1 have helped to demonstrate the unity between market and non-market modes.2 What is less widely remarked is that Arrow’s contributions to the study of complex economic organization have been very influential in helping to shape the New Institutional Economics (NIE).

Keywords: Transaction Cost; American Economic Review; Moral Hazard; Price Discrimination; Economic Organization (search for similar items in EconPapers)
Date: 1987
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-07357-3_21

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DOI: 10.1007/978-1-349-07357-3_21

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