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Revisiting New Institutional Economics: Basic Concepts And Research Directions

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  • Zoran Stefanovic, Branislav Mitrovic

    (University of Niš, Faculty of Economics)

Abstract

In the last four decades there is a renewed interest within the economic theory for the institutional structures. Numerous, multiple and often unpredictable effects of institutions on economic process are differently reflected among the leading schools of economic analysis. Certainly, in this sense, the greatest attention should be given to the stream of economic thought known as institutional economics. This heterogeneous research orientation today is already clearly differentiated on Veblenian and the new institutional economics. The paper will make, in the light of its recorded achievements and the subjects of interest of its main protagonists, a general insight into the new institutional economics.

Suggested Citation

  • Zoran Stefanovic, Branislav Mitrovic, 2015. "Revisiting New Institutional Economics: Basic Concepts And Research Directions," Ekonomika, Journal for Economic Theory and Practice and Social Issues 2014-04, „Ekonomika“ Society of Economists, Niš (Serbia).
    • Handle: RePEc:esb:casctr:2014-407
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    References listed on IDEAS

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    More about this item

    Keywords

    neoclassical economics; institutions; new institutional economics; property rights; transaction costs;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
    • D86 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Economics of Contract Law
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • N01 - Economic History - - General - - - Development of the Discipline: Historiographical; Sources and Methods

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