Introduction to Institutional Economics
Amsalu Mitiku Bora
Broschiertes Buch

Introduction to Institutional Economics

Economic institutions, Formal and informal economic institution, Collective Action, Transaction cost, Property Right

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Institutional economics is defined as a branch of economics that focuses on the role of institutions.Economic institutions also defined as formal and informal rules of economic game. Institutions are rules that dictate the costs and benefits of action, thus shaping what we do. Institutions is also defined as the rules of the game (North 1994), rules that provide a framework of incentives that shape economic, political, and social organization. Institutions are composed of formal rules (eg. laws and constitutions), informal constraints (conventions, codes of conduct, and norms of behavior), and...