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New Institutional Economics And The Analysis Of The Public Sector

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  • Brian Dollery

Abstract

The development of New Institutional Economics (NIE), and especially its core components agency theory, property rights economics and transaction costs economics, appears to have provided policy analysts with powerful tools for the analysis of public sector organisational behaviour and design. In particular, the adoption by NIE of the concept of “bounded rationality” and its employment of a “comparative institutions” approach to the question of economic efficiency seems especially applicable to public bureaucracies. However, NIE is difficult to define with any degree of precision and may well possess an inherent bias towards normative policy prescription favouring market solutions to public sector problems.

Suggested Citation

  • Brian Dollery, 2001. "New Institutional Economics And The Analysis Of The Public Sector," Review of Policy Research, Policy Studies Organization, vol. 18(1), pages 185-211, March.
    • Handle: RePEc:bla:revpol:v:18:y:2001:i:1:p:185-211
    DOI: 10.1111/j.1541-1338.2001.tb00973.x
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    Cited by:

    1. Elena Claudia ªerban & Gabriela Þuãžueanu, 2012. "The Influence Of European Financial Stability Facility On System Of Governance In European Union Countries," Proceedings of the INTERNATIONAL MANAGEMENT CONFERENCE, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 6(1), pages 756-766, November.
    2. Shahab, Sina & Clinch, J. Peter & O’Neill, Eoin, 2018. "Accounting for transaction costs in planning policy evaluation," Land Use Policy, Elsevier, vol. 70(C), pages 263-272.
    3. Paolo Canonico & Ernesto Nito & Gianluigi Mangia & Lorenzo Mercurio & Mario Pezzillo Iacono, 2013. "Regulation issues in the Italian local transport system: aligning transactions and governance structures," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 17(4), pages 939-961, November.
    4. Dick Ruiter, 2005. "Is Transaction Cost Economics Applicable to Public Governance?," European Journal of Law and Economics, Springer, vol. 20(3), pages 287-303, November.

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