Institutions and Economic Theory: The Contribution of the New Institutional Economics (Economics, Cognition, and Society)
Опубликовано на портале: 19-09-2005
Michigan: University of Michigan Press, 2005
Тематический раздел:
A much-needed exploration of the New Institutional Economics, or NIE, including a critical assessment of its central theoretical contributions since the field's early beginnings in the 1960s, is this book's objective. It traces the development of major ideas about the genesis and significance of institutions as these ideas have been presented in the NIE. Given the fundamental understanding underlying work in this new area of research--that transactions involve the use of real resources and have costs--the book views the NIE as an amalgam of transaction-cost economics, property-rights analysis, and contract theory.
Efforts are made to explain how the various theoretical strands discussed in the NIE literature fit into the general fabric of modern institutionalism, and how the new concepts put forward can be applied to institutional analysis. Since the new institutionalist approach contrasts sharply with that of the traditional neoclassical model, special attention is given to elucidating the points of difference between the two. And, along these lines, a final chapter deals with the troubling question of whether neoinstitutionalist theory can be advanced by efforts to extend or generalize neoclassical theory. The second edition assesses some of the major refinements, extensions, and useful applications that have developed in neoinstitutionalist thought in recent years. More attention is given to the overlap between the New Institutional Economics and developments in economic history and political science. In addition to updated references, new material includes analysis of parallel developments in the field of economic sociology and its attacks on representatives of the NIE as well as an explanation of the institution-as-an-equilibrium-of-game approach. The book will be essential reading for economists attracted to the NIE approach. In addition, scholars from such disciplines as political science, sociology, and law will find the work useful as the NIE continues to gain wide academic acceptance. |
![]() |
Acknowledgments | xi |
Preface | xiii |
Chapter 1. Introductory Observations | 1 |
1.1. Some Basic Assumptions and Terms | 2 |
1.2. The Strange World of Costless Transitions | 8 |
1.3. The Ideal Type of the Classical Liberal State | 11 |
1.4. The Ideal Type of Market Socialism | 12 |
1.5. Constructed or Spontaneous Orders | 14 |
1.6. The Work of the Invisible Hand Can Be Accelerated | 15 |
1.7. Rational Incompleteness | 17 |
1.8. Enforcement | 19 |
1.9. The Political Process | 21 |
1.10. Agency | 22 |
1.11. Institutional Stability | 23 |
1.12. Once More with Feeling | 25 |
1.13. The New Institutional Economics and Modern Institutionalism | 29 |
1.14. Some Notes on the History of the Old Institutional Economics | 33 |
1.15. Suggested Readings for Chapter 1 | 37 |
Chapter 2. Transaction Costs | 39 |
2.1. The Concept of Transaction | 41 |
2.2. Transaction Costs: Illustrations and Attempts at Definition | 42 |
2.3. Guesstimating the Size of Transaction Costs | 49 |
2.4. Modeling Transaction Costs: The Activity “Transaction” | 54 |
2.5. Some Notes on the Development of the Transaction Cost Literature | 62 |
2.6. Suggested Readings fur Chapter 2 | 67 |
Chapter 3. Absolute Property Rights: Ownership of Physical Objects | 69 |
3.1. Property Rights Approach: Some Basic Concepts | 71 |
3.2. Property Rights: Illustrations and Attempts at Definition | 76 |
3.3. Property in Physical Objects: The Private Property Issue | 85 |
3.4. Common Pool Resources | 98 |
3.5. The Emergence of Property Rights | 104 |
3.6. The Economic Analysis of Property Rights: Some Notes on the Literature | 114 |
3.7. Suggested Readings for Chapter 3 | 119 |
Chapter 4. Relative Property Rights: Contractual Obligations | 121 |
4.1. Basic Principles of Contractual Obligations | 123 |
4.2. Diverse Types of Contractual Obligations | 127 |
4.3. Some Elements of Contract Theory from the Economist’s Viewpoint | 140 |
4.4. Three Types of Contract Theory | 147 |
4.5. Resume | 169 |
4.6. The Economics of Contract Law and Contractual Behavior: Some Notes on the Literature | 172 |
4.7. Suggested Readings for Chapter 4 | 176 |
Chapter 5. Contract Theory | 179 |
5.1. Overview of the Types of Contract Theory to be Discussed | 181 |
5.2. Managerial Theory of the Finn: The Expense-Preference Model | 183 |
5.3. The Principal-Agent Model: Moral Hazard | 186 |
5.4. The Principal-Agent Model: Adverse Selection | 202 |
5.5. Implicit Contracts | 227 |
5.6. The Incomplete Contract Model | 232 |
5.7. Self-Enforcing Agreements | 239 |
5.8. Looking Back | 246 |
5.9. Bibliographic Notes on Formal Contract Theory | 250 |
5.10. Suggested Readings for Chapter 5 | 262 |
Chapter 6. The New Institutional Economics Applied to Markets, Firms, and the State: General Remarks | 265 |
6.1. The Elementary Rules of a Private Ownership Economy | 266 |
6.2. General Remarks on Organizations: The Firm, the Market and the State | 269 |
6.3. A Brief Guide to the Literature on Order and Organization | 278 |
6.4. Suggested Readings for Chapter 6 | 281 |
Chapter 7. The New Institutional Economics of the Market | 283 |
7.1. The Market as Organization | 284 |
7.2. On Price Rigidity | 285 |
7.3. Market Organization as a Result of Market Cooperation | 287 |
7.4. Some Views of Neoinstitutionalists on Market Organization | 291 |
7.5. A Brief Guide to the Literature on Market Organization | 314 |
7.6. Suggested Readings for Chapter 7 | 319 |
Chapter 8. The New Institutional Economics of the Firm | 321 |
8.1. The Orthodox Neoclassical Firm | 321 |
8.2. The Incentive to Integrate | 328 |
8.3. The Limits of Integration | 336 |
8.4. Ownership and Control | 342 |
8.5. Institutional Models in the Tradition of the Neoclassical Theory of the Firm | 354 |
8.6. The Traditional Soviet Firm | 366 |
8.7. The Socialist Labor-Managed Firm | 375 |
8.8. Codetermination | 389 |
8.9. The New Institutional Economics of the Firm: Forerunners and First Steps | 404 |
8.10. The New Institutional Economics of the Firm: Summary and Main Literature Beyond Coase | 405 |
8.11. Suggested Readings for Chapter 8 | 410 |
Chapter 9. The New Institutional Economics of the State | 413 |
9.1. A Simple Neoclassical Theory of the State | 414 |
9.2. The Role of Political Institutions | 417 |
9.3. Political Markets | 420 |
9.4. International Relations | 423 |
9.5. A Brief Guide to the Literature on the Economics of the State and International Relations | 430 |
9.6. Suggested Readings for Chapter 9 | 434 |
Chapter 10. Future Development of the New Institutional Economics | 435 |
10.1. Institutionalism as Extended Neoclassical Theory | 439 |
10.2. The Initial Approach Reconsidered | 441 |
10.3. The Basis of a New Paradigm | 464 |
10.4. Modern Institutionalism: The Opportunities for Progress | 477 |
Glossary | 483 |
References | 497 |
Author Index | 539 |
Subject Index | 547 |
Ключевые слова
contract theory new institutional economics property rights analysis transaction cost economics новая институциональная экономика теория трансакционных издержек теория фирмы
См. также:
Общественные науки и современность.
2015.
№ 2.
С. 145-156.
[Статья]
Российский журнал менеджмента.
2009.
Т. 7.
№ 2.
С. 93-118.
[Статья]
Journal of Financial Economics.
1976.
Vol. 3.
No. 4.
P. 305-360.
[Статья]