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Five Propositions about Institutional Change

Опубликовано на портале: 05-02-2003
Economics Working Paper Archive at WUSTL. 1993. 
North outlines five propositions about institutional change and explains its meanings. He lays out a specific agenda for the study of institutions that is different from game theoretic or spatial political modeling of institutions. The focus is a transaction cost approach to institutions and a cognitive science approach to "rational" choice. While the former--the transaction cost approach--is at least partly complementary to game theoretic approaches, the latter suggests a distinct departure from much of the current rational choice theory.

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