Frontiers of the New Institutional Economics

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The New Institutional Economics incorporates a theory of institutions into economics. It builds upon the fundamental assumptions of scarcity and competition but abandons institutional rationality. Consequently, NIE assumes that individuals make choices based on incomplete information and limited mental capacity, forming institutions to reduce uncertainty in human exchange. These insights have implications for technological change, property rights, and public choice. "The Frontiers of the New Institutional Economics" ...

Frontiers of the New Institutional Economics 1997, Emerald Group Publishing, San Diego, CA

ISBN-13: 9780122222405

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