Paper presents a short overview of the New Institutional Economics. It is not intended
to be a complete survey of the field but an extract that concentrates on the specific
arguments made here that are in contrast with the assumptions commonly made in mainstream
theory. Since the aim of this paper is to come up with policy implications, specific
assumptions will be emphasized only if they might become crucial for policy implications.
The results of some empirical studies are presented after having dealt with some
of the methodological problems. One of the parts focuses on the NIE in the context
of the transition economies of Central and Eastern Europe.
The article here