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Quick guide to New Institutional Economics

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  • Eggertsson, Thráinn

Abstract

The old field of Comparative Economic Systems lacked a theoretical framework, which New Institutional Economics now provides. The paper is a brief guide to NIE: its strength, weaknesses, policy implications, and future tasks. The intellectual interest in the NIE approach is directly related to the gap between prevailing economic property rights (institution) and best practice (most productive) arrangements. A large productivity gap on a national scale is mainly found in two circumstances: in low income countries that fail to import and adapt existing technologies, and in high income countries failing to cope with new technologies, such as digitization.

Suggested Citation

  • Eggertsson, Thráinn, 2013. "Quick guide to New Institutional Economics," Journal of Comparative Economics, Elsevier, vol. 41(1), pages 1-5.
    • Handle: RePEc:eee:jcecon:v:41:y:2013:i:1:p:1-5
    DOI: 10.1016/j.jce.2013.01.002
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    References listed on IDEAS

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    Cited by:

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    2. Ayse Y. Evrensel & Itai Sened, 2019. "Does Higher Religiosity Translate into Higher Institutional Quality? Evidence From 98 Countries," SAGE Open, , vol. 9(3), pages 21582440198, July.
    3. Guo-Hua Cao & Jing Zhang, 2021. "Is a sustainable loop of economy and entrepreneurial ecosystem possible? a structural perspective," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 23(5), pages 7002-7040, May.
    4. Chris Garbers & Guangling Dave Liu, 2017. "Macroprudential policy and foreign interest rate shocks: A comparison of different instruments and regulatory regimes," Working Papers 719, Economic Research Southern Africa.
    5. Zaman, Rafia & Brudermann, Thomas, 2018. "Energy governance in the context of energy service security: A qualitative assessment of the electricity system in Bangladesh," Applied Energy, Elsevier, vol. 223(C), pages 443-456.
    6. James Rycroft & John M. Luiz, 2018. "Homelessness, Property Rights, and Institutional Logics," Working Papers 750, Economic Research Southern Africa.
    7. Fernández-González, Raquel & Puime-Guillén, Félix & Panait, Mirela, 2022. "Multilevel governance, PV solar energy, and entrepreneurship: the generation of green hydrogen as a fuel of renewable origin," Utilities Policy, Elsevier, vol. 79(C).
    8. Johnson, Marianne & Kovzik, Alexander, 2016. "Teaching comparative economic systems 25 years after the collapse of the Soviet Union," International Review of Economics Education, Elsevier, vol. 22(C), pages 23-33.
    9. Eunice Omolola Olaniyi & Marti Viirmäe, 2016. "The Economic Impact of Environmental Regulations on a Maritime Fuel Production Company," Research in Economics and Business: Central and Eastern Europe, Tallinn School of Economics and Business Administration, Tallinn University of Technology, vol. 8(2).

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    More about this item

    JEL classification:

    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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