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The Effects of Coase’s Thought on the Development of the New Institutional Economics

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  • Meryem FİLİZ BAŞTÜRK

Abstract

Among the current trends of economics, the new institutional economics is gaining more and more importance. The characteristic of the new institutional economics is that it has integrated instutions into the research field of economics. With the new institutional economics, the research field of neoclassical economics has widened, and different disciplines such as law, sociology, organizational theory and political science have started to be analyzed from an economic perspective. Although the new institutional economics started to develop in the 1970s, its origins can be traced back to Coase’s paper on “The Nature of the Firm”. As stated by Williamson, one of the leading theorists of the new institutional economics, it continues to develop in two aspects. First, it focuses on governance structure and contributes to the development of transaction cost economics. Second, it deals with institutional environment and provides a basis for the economics of property rights. This study will discuss the ideas of Coase, known as the founder of the new instutional economics, and also the contibutions of his studies to the development of the new instutional economics.

Suggested Citation

  • Meryem FİLİZ BAŞTÜRK, 2016. "The Effects of Coase’s Thought on the Development of the New Institutional Economics," Sosyoekonomi Journal, Sosyoekonomi Society, issue 24(29).
    • Handle: RePEc:sos:sosjrn:160301
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    References listed on IDEAS

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    1. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    2. Ronald H. Coase, 2000. "The new institutional economics," Chapters, in: Claude Ménard (ed.), Institutions, Contracts and Organizations, chapter 1, Edward Elgar Publishing.
    3. Steven G. Medema (ed.), 1995. "The Legacy Of Ronald Coase In Economic Analysis," Books, Edward Elgar Publishing, volume 0, number 618.
    4. Geoffrey M. Hodgson, 2000. "What Is the Essence of Institutional Economics?," Journal of Economic Issues, Taylor & Francis Journals, vol. 34(2), pages 317-329, June.
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    More about this item

    Keywords

    Ronald H. Coase; New Institutional Economics; Transaction Cost Economics; Property Rights; Comperative Institutional Analysis.;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • K11 - Law and Economics - - Basic Areas of Law - - - Property Law

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