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New Institutional Economics

In: Law and Development

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Abstract

In Chapter 2 the main concepts and ideas of New Institutional Economics are introduced. These are used with some additional adaptations in Chapter 4 to develop a theory of the role of the law and legal institutions in the process of development. According to a study by Ménard and Shirley in 2014, transaction costs is one of three core concepts in the development of NIE. The others are property rights and contracts. These three have played a crucial role in understanding the role of institutions in society and feature prominently throughout this book.

Suggested Citation

  • ., 2018. "New Institutional Economics," Chapters, in: Law and Development, chapter 2, pages 15-44, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:16555_2
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    Cited by:

    1. Le, Minh Khue & Zhu, Jieming & Nguyen, Hoang Linh, 2022. "Land redevelopment under ambiguous property rights in transitional Vietnam: A case of spatial transformation in Hanoi city center," Land Use Policy, Elsevier, vol. 120(C).

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