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.
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