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Handbook of New Institutional Economics


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Table of Contents

INTRODUCTION.- THE DOMAIN OF NEW INSTITUTIONAL ECONOMICS: Institutions and the Performance of Economies over Time - Douglass C. North.- The Institutional Structure of Production - Ronald Coase.- Transaction Cost Economics - Oliver E. Williamson. POLITICAL INSTITUTIONS AND THE STATE: Electoral Institutions and Political Competition: Coordination, Persuasion and Mobilization - Gary Cox.- Presidential versus Parliamentary Government - John Carey.- Legislative Process and the Mirroring Principle - Matthew McCubbins.- The Performance and Stability of Federalism: An Institutional Perspective - Barry Weingast. LEGAL INSTITUTIONS OF A MARKET ECONOMY: The Many Legal Institutions That Support Contractual Commitments - Gillian K. Hadfield.- Legal Systems as Frameworks for Market Exchanges - Paul Rubin.- Market Institutions and Judicial Rulemaking - Benito Arrunada and Veneta Andonova.- Legal Institutions and Financial Development - Thorsten Beck. MODES OF GOVERNANCE: The New Institutional Approach to Organization - Claude Menard.- Vertical Integration - Paul Joskow.- Solutions to Principal-Agent Problems in Firms - Gary Miller.- The Institutions of Corporate Governance - Mark Roe.- Firms and the Creation of New Markets - Erin Anderson and Hubert Gatignon. CONTRACTUAL ARRANGEMENTS: The Make or Buy Decisions: Lessons from Empirical Studies - Peter Klein.- Agricultural Contracts - Douglas Allen and Dean Lueck.- The Enforcement of Contracts and Private Ordering - Victor Goldberg. REGULATION: The Institutions of Regulation. An Application to Public Utilities - Pablo Spiller and Mario Tommasi.- State Regulation of Open-Access, Common-Pool Resources - Gary Libecap.- Property Rights, and the State - Lee Alston and Bernardo Mueller.- Licit and Illicit Firm Responses to Public Regulation -Lee Benham. INSTITUTIONAL CHANGE: Institutions and Development - Mary M. Shirley.- Institutional and Non-Institutional Explanation of Economic Differences - Stanley L. Engerman and Kenneth L. Sokoloff.- Institutions and Firms in Transition Economies - Peter Murrell.- Social Capital, Social Norms and the New Institutional Economics - Philip Keefer and Steve Knack.- Commitment, Coercion and Markets: The Nature and Dynamics of Institutions Supporting Exchange - Avner Greif. PERSPECTIVES: Economic Sociology and New Institutional Economics - Victor Nee and Richard Swedberg.- Doing Institutional Analysis: Digging Deeper than Markets and Hierarchies - Elinor Ostrom.


From the reviews:

The Handbook of New Institutional Economics edited by Claude Menard and Mary Shirley gives an excellent picture of this emerging field. It also addresses the most interesting questions now at the forefront of economic research. - George Akerlof, University of California at Berkeley; Nobel Laureate

Over the last thirty years, a very important influence on the development of economic analysis has been the emphasis on rights to property, their transferability and their implications for economic behavior, especially in relation to the law. It is very valuable to have the material of the "new institutional economics" brought together in a handbook, and especially so when the authors are themselves the leading researchers in the field. I look forward to using the handbook and to seeing its influence on further research. - Kenneth J. Arrow, Stanford University; Nobel Laureate

I would like to recommend this book to economists of both East and West who have been focusing on comparing economic systems for the last decades, who have been examining first the reforms implemented in the communist countries and then the post-socialist transition there, and who have always been aware of the particular importance of institutions. Having read the outstanding and comprehensive essays published in this new Handbook, one can clearly see the close intellectual kinship between the approach used by the scholars studying post-socialist transformation and by the research program of "New Institutional Economics. - Janos Kornai, Collegium Budapest

New institutional economics has been at the forefront of our search for understanding how societies operate and economies change. Until this handbook there has been no single volume explaining the field and exploring its horizons. It contains fascinating essays by the leading scholars in the field that provide an excellent overview of the any facets of NIE. NIE is here to stay and this book provides a comprehensive introduction for those interested in learning more about it. - Vernon Smith, George Mason University; Nobel Laureate

"New Institutional Economics (NIE) has skyrocketed over the last three decades. ... This first handbook of NIE provides an overview of recent developments and broad orientations. ... This handbook will be of interest to economists, political scientists, legal scholars, management specialists, sociologists, and others wishing to learn more and gain insight into progress made by institutionalists from other disciplines. This compendium of analyses by some of the foremost NIE specialists ... raises questions ... and supplies scholars with tools for exploring answers to these questions." (Beyond Transition Newsletter, The World Bank, Vol. 16 (3), 2005)

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