The institutions of governance

Article Abstract:

The advent of new institutional economics (NIE) was crucial in determining the underlying causes of various economic changes and analyzing the role played by industrial organizations in acquiring economic development. Central to the NIE concept is the use of transaction-cost instruments necessary for developing comparative institutional logic and conducting empirical tests. The approach has not only enlightened companies on the essentials of contract agreements, but has made the analysis of complex economic organizations possible, as well.

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Norms and networks in economic and organizational performance

Article Abstract:

Organizational performance may be efficiently analyzed not only by considering formal arrangements, but taking account of informal constraints including norms and societal networks, as well. These factors, which can either facilitate or retard economic development, actually help researchers explain governance structure and various political conditions. Informal constraints may yield unfavorable results to an industry through inefficient allocation of resources and do otherwise by providing a groundwork for trust and collective action.

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The new institutional economics

Article Abstract:

The use of transaction cost tools in economic analysis provided strong foundation for the development of new institutional economics. The concept, which centers on microeconomics, seeks to evaluate the impact created by price, supply, demand and other related variables to the nature and volume of goods and services offered in markets. Despite the complexity associated with mainstream economics, experts have been able to track changes and identify trends through the use of analytical tools.

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