New Institutional Economics
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New Institutional Economics
incorporates a theory of institutions into economics. It builds on,
modifies, and extends neoclassical theory. It retains and builds on the fundamental assumption of scarcity and hence competition - the basis of the choice theoretic approach that underlies microeconomics. It has developed as a movement within the social sciences that unites theoretical and empirical research examining the role of institutions in furthering or preventing economic growth. It includes work in transaction costs, political economy, property rights, hierarchy and organization, and public choice. TERMINOLOGY NIE Glossary NIE Glossary in Arabic NIE Glossary in Chinese: Simplified/Traditional NIE Terms in Many Languages
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