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New institutional economics

Index New institutional economics

New institutional economics (NIE) is an economic perspective that attempts to extend economics by focusing on the social and legal norms and rules (which are institutions) that underlie economic activity and with analysis beyond earlier institutional economics and neoclassical economics. [1]

63 relations: Adverse selection, Alexandru Ioan Cuza University, Armen Alchian, Asset specificity, Avner Greif, Bargaining, Bounded rationality, Claude Ménard (economist), Club (organization), Coase theorem, Collusion, Complexity, Conflict of interest, Contract, Daron Acemoglu, Douglass North, Economy, Elinor Ostrom, Externality, Governance, Harold Demsetz, Hierarchy, Human capital, Ideology, Incentive, Information asymmetry, Institution, Institutional economics, Journal of Economic Behavior and Organization, Journal of Economic Literature, Law, Law and economics, Legal person, Mainstream economics, Masahiko Aoki, Medical college, Methodology, Moral hazard, Neoclassical economics, Oliver E. Williamson, Operating cost, Opportunism, Organization, Physical capital, Political economy, Profit maximization, Right to property, Ronald Coase, Safeguard, Social capital, ..., Social norm, Sociology, Steven N. S. Cheung, Team, The Journal of Law and Economics, The Nature of the Firm, The New Palgrave Dictionary of Economics, The Problem of Social Cost, Transaction cost, Uncertainty, University, Warren Samuels, Yoram Barzel. Expand index (13 more) »

Adverse selection

Adverse selection is a term commonly used in economics, insurance, and risk management that describes a situation where market participation is affected by asymmetric information.

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Alexandru Ioan Cuza University

The Alexandru Ioan Cuza University (Romanian: Universitatea „Alexandru Ioan Cuza”; acronym: UAIC) is a public university located in Iași, Romania.

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Armen Alchian

Armen Albert Alchian (April 12, 1914 – February 19, 2013) was an American economist and professor of economics at the University of California, Los Angeles.

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Asset specificity

Asset specificity is a term related to the inter-party relationships of a transaction.

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Avner Greif

Avner Greif (born 1955) is an economics professor at Stanford University, Stanford, California.

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Bargaining

Bargaining or haggling is a type of negotiation in which the buyer and seller of a good or service debate the price and exact nature of a transaction.

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Bounded rationality

Bounded rationality is the idea that when individuals make decisions, their rationality is limited by the tractability of the decision problem, the cognitive limitations of their minds, and the time available to make the decision.

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Claude Ménard (economist)

Claude Ménard (born 1944) is a Canadian economist and professor at the University of Paris I: Panthéon-Sorbonne.

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Club (organization)

A club is an association of two or more people united by a common interest or goal.

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Coase theorem

In law and economics, the Coase theorem describes the economic efficiency of an economic allocation or outcome in the presence of externalities.

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Collusion

Collusion is an agreement between two or more parties, sometimes illegal–but always secretive–to limit open competition by deceiving, misleading, or defrauding others of their legal rights, or to obtain an objective forbidden by law typically by defrauding or gaining an unfair market advantage.

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Complexity

Complexity characterises the behaviour of a system or model whose components interact in multiple ways and follow local rules, meaning there is no reasonable higher instruction to define the various possible interactions.

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Conflict of interest

A conflict of interest (COI) is a situation in which a person or organization is involved in multiple interests, financial or otherwise, and serving one interest could involve working against another.

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Contract

A contract is a promise or set of promises that are legally enforceable and, if violated, allow the injured party access to legal remedies.

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Daron Acemoglu

Kamer Daron Acemoğlu (born September 3, 1967) is a Turkish-born American economist who has taught at the Massachusetts Institute of Technology (MIT) since 1993.

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Douglass North

Douglass Cecil North (November 5, 1920 – November 23, 2015) was an American economist known for his work in economic history.

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Economy

An economy (from Greek οίκος – "household" and νέμoμαι – "manage") is an area of the production, distribution, or trade, and consumption of goods and services by different agents.

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Elinor Ostrom

Elinor Claire "Lin" Ostrom (August 7, 1933 – June 12, 2012) was an American political economist whose work was associated with the New Institutional Economics and the resurgence of political economy.

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Externality

In economics, an externality is the cost or benefit that affects a party who did not choose to incur that cost or benefit.

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Governance

Governance is all of the processes of governing, whether undertaken by a government, a market or a network, over a social system (family, tribe, formal or informal organization, a territory or across territories) and whether through the laws, norms, power or language of an organized society.

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Harold Demsetz

Harold Demsetz (born May 31, 1930) is an American professor emeritus of economics at the University of California at Los Angeles (UCLA).

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Hierarchy

A hierarchy (from the Greek hierarchia, "rule of a high priest", from hierarkhes, "leader of sacred rites") is an arrangement of items (objects, names, values, categories, etc.) in which the items are represented as being "above", "below", or "at the same level as" one another A hierarchy can link entities either directly or indirectly, and either vertically or diagonally.

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Human capital

Human capital is a term popularized by Gary Becker, an economist and Nobel Laureate from the University of Chicago, and Jacob Mincer.

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Ideology

An Ideology is a collection of normative beliefs and values that an individual or group holds for other than purely epistemic reasons.

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Incentive

An incentive is something that motivates an individual to perform an action.

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Information asymmetry

In contract theory and economics, information asymmetry deals with the study of decisions in transactions where one party has more or better information than the other.

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Institution

Institutions are "stable, valued, recurring patterns of behavior".

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Institutional economics

Institutional economics focuses on understanding the role of the evolutionary process and the role of institutions in shaping economic behaviour.

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Journal of Economic Behavior and Organization

The Journal of Economic Behavior and Organization is an academic journal published by Elsevier.

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Journal of Economic Literature

The Journal of Economic Literature is a peer-reviewed academic journal, published by the American Economic Association, that surveys the academic literature in economics.

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Law

Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior.

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Law and economics

Law and economics or economic analysis of law is the application of economic theory (specifically microeconomic theory) to the analysis of law that began mostly with scholars from the Chicago school of economics.

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Legal person

A legal person (in legal contexts often simply person, less ambiguously legal entity) is any human or non-human entity, in other words, any human being, firm, or government agency that is recognized as having privileges and obligations, such as having the ability to enter into contracts, to sue, and to be sued.

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Mainstream economics

Mainstream economics may be used to describe the body of knowledge, theories, and models of economics, as taught across universities, that are generally accepted by economists as a basis for discussion.

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Masahiko Aoki

Masahiko Aoki (April 1, 1938 – July 15, 2015) was a Japanese economist, Tomoye and Henri Takahashi Professor Emeritus of Japanese Studies in the Economics Department, and Senior Fellow of the Stanford Institute for Economic Policy Research and Freeman Spogli Institute for International Studies at Stanford University.

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Medical college

A medical college or medical association is a trade association that brings together practitioners of a particular geographical area (a country, region, province).

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Methodology

Methodology is the systematic, theoretical analysis of the methods applied to a field of study.

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Moral hazard

In economics, moral hazard occurs when someone increases their exposure to risk when insured.

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Neoclassical economics

Neoclassical economics is an approach to economics focusing on the determination of goods, outputs, and income distributions in markets through supply and demand.

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Oliver E. Williamson

Oliver Eaton Williamson (born September 27, 1932) is an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elinor Ostrom.

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Operating cost

Operating (Operational) costs are the expenses which are related to the operation of a business, or to the operation of a device, component, piece of equipment or facility.

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Opportunism

Opportunism is the conscious policy and practice of taking advantage of circumstances – with little regard for principles, or with what the consequences are for others.

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Organization

An organization or organisation is an entity comprising multiple people, such as an institution or an association, that has a collective goal and is linked to an external environment.

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Physical capital

In economics, physical capital or just capital is a factor of production (or input into the process of production), consisting of machinery, buildings, computers, and the like.

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Political economy

Political economy is the study of production and trade and their relations with law, custom and government; and with the distribution of national income and wealth.

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Profit maximization

In economics, profit maximization is the short run or long run process by which a firm may determine the price, input, and output levels that lead to the greatest profit.

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Right to property

The right to property or right to own property (cf. ownership) is often classified as a human right for natural persons regarding their possessions.

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Ronald Coase

Ronald Harry Coase (29 December 1910 – 2 September 2013) was a British economist and author.

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Safeguard

A safeguard, in international law, is a restraint on international trade or economic development to protect communities from development aggression or home industries from foreign competition.

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Social capital

Social capital is a form of economic and cultural capital in which social networks are central; transactions are marked by reciprocity, trust, and cooperation; and market agents produce goods and services not mainly for themselves, but for a common good.

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Social norm

From a sociological perspective, social norms are informal understandings that govern the behavior of members of a society.

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Sociology

Sociology is the scientific study of society, patterns of social relationships, social interaction, and culture.

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Steven N. S. Cheung

Steven Ng-Sheong Cheung (born December 1, 1935) is a Hong-Kong-born American economist who specializes in the fields of transaction costs and property rights, following the approach of new institutional economics.

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Team

A team is a group of individuals working together to achieve a goal.

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The Journal of Law and Economics

The Journal of Law and Economics is an academic journal published by the University of Chicago Press.

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The Nature of the Firm

“The Nature of the Firm” (1937), is an article by Ronald Coase.

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The New Palgrave Dictionary of Economics

The New Palgrave Dictionary of Economics (2008), 2nd ed., is an eight-volume reference work on economics, edited by Steven N. Durlauf and Lawrence E. Blume and published by Palgrave Macmillan.

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The Problem of Social Cost

"The Problem of Social Cost" (1960) by Ronald Coase, then a faculty member at the University of Virginia, is an article dealing with the economic problem of externalities.

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Transaction cost

In economics and related disciplines, a transaction cost is a cost in making any economic trade when participating in a market.

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Uncertainty

Uncertainty has been called "an unintelligible expression without a straightforward description".

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University

A university (universitas, "a whole") is an institution of higher (or tertiary) education and research which awards academic degrees in various academic disciplines.

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Warren Samuels

Warren Joseph Samuels (September 14, 1933 – August 17, 2011) was an American economist and historian of economic thought.

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Yoram Barzel

Yoram Barzel (born 1931) is an Israeli economist and a professor in the Department of Economics at the University of Washington.

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Redirects here:

New Institutional Economics.

References

[1] https://en.wikipedia.org/wiki/New_institutional_economics

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