063. Economic theories: New Institutional Economics
Update: 2025-12-25
Description
New Institutional Economics studies how institutions—like laws, norms, and organizations—shape economic outcomes by reducing uncertainty and transaction costs. It highlights the importance of property rights, governance, and historical context in economic development.
While influential in policy and development studies, it faces criticism for being hard to quantify and for sometimes overlooking issues like inequality and power dynamics.
Comments
In Channel




