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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