postulates that extra-large enterprises are too big to fail.
David Lindsay (journalist and activist, Lanchester, County Durham); Professor Geoffrey Hodgson (Research Professor in Business Studies and Editor-in-Chief of the Journal of Institutional Economics
, University of Hertfordshire); Neil Clark (writer and broadcaster); James Draper (journalist and activist, Lanchester, County Durham)
Following the lead of the new institutional economics
, part of the literature argues that institutions cause differences in productivity and factor endowments which, in turn, explain economic development.
This book provides a look at the economic history of ancient Egypt covering the entire pharaonic period, 3000-30 BCE, and employing a New Institutional Economics
approach to argue that the ancient Egyptian state encouraged an increasingly widespread and sophisticated use of writing through time, primarily in order to better document and more efficiently exact taxes for redistribution.
And political scientists, drawing on the New Institutional Economics
literature, have examined infrastructure investment in the developing world, evaluating the relations between endogenous institutions and private investment.
And he also sees limits in the way New Institutional Economics
and the varieties of institutional approaches might effectively explain his problem.
In my view, this treatment of the state in economic history, which was most directly derived from North's work in the literature, continues to be the dominant idea embedded in much of the work classified under the rubric "New Institutional Economics
As a prominent example, institutional economics
focus on markets and economic transactions shaped by institutional conditions and interactions between individuals and organizations that are characterized by bound ed rationality, evolving preferences and the ability to learn (Coase 1960, North 1981).
It is this emphasis on modes of governance which the Bloomington School shares with New Institutional Economics
The New Institutional Economics
is a rapidly growing interdisciplinary field combing economics, law, organization theory, political sciences, sociology, and anthropology.
Despite law and economic initiatives and emphasis on institutional economics
, economists rarely talk about legal reform.
Her book "Prosperity Unbound: Building Property Markets with Trust" (Palgrave Macmillan) recounts her experience and expands on her methodology "Reality Check Analysis," which is considered one of the best practical applications of institutional economics
to property rights issues.