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The new institutional economic theory of cooperatives: taking stock, looking ahead

In: Handbook of Research on Cooperatives and Mutuals

Author

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  • Matthew S. Elliott
  • Frayne Olson

Abstract

The emergence of new institutional economics (NIE) has advanced our understanding of general economics, the firm, and the limitations to neoclassical models. As a result, NIE concepts have been increasingly applied to cooperatives to understand cooperatives’ diversity, purpose, issues, and performance. We briefly discuss the emergence of NIE, the approaches to cooperative theory, and how concepts from NIE have been applied to advance cooperative theory. We conclude by suggesting new research areas on cooperatives and mutuals using ideas from NIE.

Suggested Citation

  • Matthew S. Elliott & Frayne Olson, 2023. "The new institutional economic theory of cooperatives: taking stock, looking ahead," Chapters, in: Matthew S. Elliott & Michael A. Boland (ed.), Handbook of Research on Cooperatives and Mutuals, chapter 2, pages 22-50, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21014_2
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