The new institutional economics has been one of the most
influential schools of thought to emerge in the past quarter
century. Taking its roots in the transaction cost theory of the
firm as an economic organization rather than purely a production
function, it has been developed further by scholars such as Oliver
Williamson, Douglas North and their followers, leading to the rich
and growing field of the new institutional economics. This branch
of economics stresses the importance of institutions in the
functioning of free markets, which include elaborately defined and
effectively enforced property rights in the presence of transaction
costs, large corporate organizations with agency and hierarchical
controls, formal contracts, bankruptcy laws, and regulatory
institutions. In this timely volume, Murali Patibandla applies some
of the precepts of the new institutional economics to India - one
of the world's most promising economies.
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