Institutional Economics: An Introduction

Why is it that some countries become rich while others remain poor? Do markets require regulation to function efficiently? If markets offer an efficient way of exchanging goods, why do individuals even create firms? How are economic transactions organized in the absence of a state that could enforce contracts and guarantee property rights? Institutional economics has allowed social scientists to answer many fundamental questions about the organization and functioning of societies. This introduction to institutional economics is concise, yet easy to understand. It not only caters to students of economics but to anybody interested in this topical research area and its specific subfields. Both formal and informal institutions (such as customs, habits, and traditions) are discussed with respect to their causes and consequences, highlighting the important part they play for economic growth and development.

Author: Stefan Voigt
Publisher: Cambridge University Press
Published: 04/11/2019
Pages: 306
Binding Type: Paperback
Weight: 0.90lbs
Size: 9.00h x 8.40w x 0.60d
ISBN: 9781108461085

About the Author
Voigt, Stefan: - Stefan Voigt is Chair of Economic Analysis of Law at the Universität Hamburg and Director of its Institute of Law and Economics. He is also a fellow with CESifo (Munich). Voigt is one of the editors of Constitutional Political Economy and a member of various editorial boards, including those of Public Choice and the International Review of Law and Economics.