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What is Understanding New Institutional Economics about?

The document discusses the key concepts of new institutional economics (NIE). It explains that NIE aims to incorporate institutional constraints into economic analysis to better explain real-world phenomena, unlike standard neoclassical economics. It outlines the levels of analysis in NIE from social theory to resource allocation. It also defines important institutional economics concepts like property rights, transaction costs, contracts, and agency theory.

Author

Agung Jatmiko

Language

EN