Ronald H. Coase, one of the most innovative and provocative economists of the twentieth century, has had a lasting influence in economics, law and economics, organization theory, management and political science. In this comprehensive Companion, 31 leading economists, social scientists and legal scholars, including two Nobel Laureates, offer the first global assessment of the initial impact of Coase's work and the continuing inspiration that researchers and policy makers find in his contributions.The book presents a review of the continuing power of Coase's work, including the reshaping of public policies with particular respect to public utilities and network industries. Further chapters explore research programmes that he initiated including the concept of transaction costs and the analysis of property rights, especially in terms of the regulation of the communications industry and the creation of markets for the right to pollute. The book clearly demonstrates the originality of Coase's work and the challenge that it posed to conventional perspectives which has been a hallmark of his research throughout his life, from his initial view on the nature of the firm to his recent analysis of the development of capitalism in China. Less well-known features of Coase's research going beyond his famous papers on 'The Nature of the Firm' and 'The Problem of Social Cost' are also explored in detail. From economics to public policy, this complete and thorough assessment of Coase's vast contribution will be an invaluable reference to all those interested in the many areas influenced by this great economist. Contributors: D.W. Allen, K.J. Arrow, B. Arrunada, Y. Barzel, E. Bertrand, R.R.W. Brooks, J.N. Drobak, G.W. Evans, W. Farnsworth, J. Farrell, K. Foss, N.J. Foss, R.F. Freeland, J. Groenewegen,R. Guesnerie, F. Gul, T.W. Hazlett, P.G. Klein, G.D. Libecap, S.G. Medema, C. Menard, M.W. Moszoro, J.H. Mulherin, J.V.C. Nye, S. Pratten, M.M. Shirley, P.T. Spiller, J. Thomas, P. de Vries, N. Wang, O.E. Williamson

New Institutional Economics (NIE) has skyrocketed in scope and influence over the last three decades. This first Handbook of NIE provides a unique and timely overview of recent developments and broad orientations. Contributions analyse the domain and perspectives of NIE; sections on legal institutions, political institutions, transaction cost economics, governance, contracting, institutional change, and more capture NIE's interdisciplinary nature. This Handbook will be of interest to economists, political scientists, legal scholars, management specialists, sociologists, and others wishing to learn more about this important subject and gain insight into progress made by institutionalists from other disciplines. This compendium of analyses by some of the foremost NIE specialists, including Ronald Coase, Douglass North, Elinor Ostrom, and Oliver Williamson, gives students and new researchers an introduction to the topic and offers established scholars a reference book for their research.

Elgar Advanced Introductions are stimulating and thoughtful introductions to major fields in the social sciences, business and law, expertly written by the world'AEos leading scholars. Designed to be accessible yet rigorous, they offer concise and lucid surveys of the substantive and policy issues associated with discrete subject areas. New institutional economics (NIE) is a powerful tool for understanding real world phenomena. This Advanced Introduction explores NIE'AEos answers to fundamental questions about the organization, growth and development of economies, such as why are some countries rich and others poor? Why are activities organized as firms or markets or through alternative organizational solutions? When are shared resources overexploited? Key Features: Elucidates the essence of NIE'AEos main branches, focusing on the governance of transactions and organizations (identified with Oliver Williamson), the fundamental institutional environment (Douglass North), and the role of communal institutions and collective action (Elinor Ostrom) Explores how NIE has transformed perspectives on collective action, state and legal institutions, public policy and regulation, and economic growth Extensive references to allow interested readers to dive deeper into specific topics Authored by scholars associated early on with leading figures in NIE and the development of NIE'AEos research agenda. This Advanced Introduction is an ideal read for advanced students of economics, political science, management, law and sociology interested in learning about new institutional economics. Policy makers, especially those responsible for business and utility regulation and development policy and assistance, will also benefit from this concise yet detailed book.

Building on Oliver Williamson's original analysis, the contributors introduce new ideas, different perspectives and provide tools for better understanding changes in the approach to regulation, the reform of public utilities, and the complex problems of governance. They draw largely upon a transaction cost approach, highlighting the challenges faced by major economic sectors and identifying critical flaws in prevailing views on regulation. Deeply rooted in sector analysis, the book conveys a central message of new institutional economics: that theory should be continuously confronted by facts, and reformed or revolutionized accordingly. With its emphasis on the institutional embeddedness of regulatory issues and the problems generated by the 'benign neglect' of institutional factors in the reform of major public utilities, this book will provide a wide-ranging audience with challenging views on the dynamics of regulatory approaches. Economists, political scientists, postgraduate students, researchers and policymakers with an interest in institutional economics and economic organization will find the book to be a stimulating and enlightening read.

This authoritative series brings together the most significant papers published by leading economists and social scientists in the rapidly developing field of New Institutional Economics. The selection includes theoretical papers as well as applications and empirical studies. It represents the diversity of methodologies used for exploring the fundamental questions of the nature and status of institutions and organizations in market economies. The seven volumes in the series cover the main aspects of research in the field, beginning with an overview of its analytical foundations in Volume 1. The subsequent volumes consider issues in transaction costs and property rights, the nature and role of contracts, the alternative modes of organization, the role and nature of modern corporations, and the political economy of institutions. The series concludes with a review of some major challenges and controversies. This comprehensive series will be an invaluable guide for scholars in economics, social sciences, managerial sciences and law.

This outstanding book presents new original contributions from some of the world's leading economists including Ronald Coase, Douglass C. North, Masahiko Aoki, Oliver E. Williamson and Harold Demsetz. It demonstrates the extent and depth of the New Institutional Economics research programme which is having a worldwide impact on the economics profession.The book lays out the fundamental dimensions of the research programme with special emphasis on the interaction between institutional factors, both formal and informal, and the performance of different arrangements that organize transactions. After examining the foundations of New Institutional Economics and honouring Ronald Coase's contribution to the field, it presents controversial and conflicting views on the sources of growth. It places special emphasis on organizations and transactions, focusing on issues of trust, corruption, enforcement of contracts and modes of organization. Written by an eminent group of scholars, Institutions, Contracts and Organizations is an important landmark in the development of New Institutional Economics.

This important new book deals with some of the most fundamental issues of transaction cost economics. It focuses on the analysis of the internal nature and characteristics of organizations and on the subtle interactions between institutional environment and governance structures over time.Transaction Cost Economics investigates the nature of contractual arrangements involved in large organizations, the 'configurations' of corporations, the modes of governance implemented, and the respective role of different constituencies. The second series of problems addressed in the book concerns the interaction between the institutional environment and governance structures over time, with special emphasis on the Russian privatization programme and the narcotics market. These twin analyses substantiate the distinction between private and public ordering. The book is strongly oriented towards increasing the operationalization of the concepts of transaction cost economics. The book will be essential reading for everyone interested in the new institutional economics and by recent developments in the theory of contracts, in transaction costs economics and in organisation theory. Because of its emphasis on potential applications, it will also be of interest to readers from management science and those involved in the analysis of economies in transition.

Building on Oliver Williamson's original analysis, the contributors introduce new ideas, different perspectives and provide tools for better understanding changes in the approach to regulation, the reform of public utilities, and the complex problems of governance. They draw largely upon a transaction cost approach, highlighting the challenges faced by major economic sectors and identifying critical flaws in prevailing views on regulation. Deeply rooted in sector analysis, the book conveys a central message of new institutional economics: that theory should be continuously confronted by facts, and reformed or revolutionized accordingly. With its emphasis on the institutional embeddedness of regulatory issues and the problems generated by the 'benign neglect' of institutional factors in the reform of major public utilities, this book will provide a wide-ranging audience with challenging views on the dynamics of regulatory approaches. Economists, political scientists, postgraduate students, researchers and policymakers with an interest in institutional economics and economic organization will find the book to be a stimulating and enlightening read.

Infrastructures are complex networks dominated by tight interdependencies between technologies and institutions. These networks supply services crucial to modern societies, services that can be provided only if several critical functions are fulfilled. This book proposes a theoretical framework with a set of concepts to analyse rigorously how these critical functions require coordination within the technological dimension as well as within the institutional dimension. It also shows how fundamental the alignment between these two dimensions is. It argues that this alignment operates along different layers characterized successively by the structure, governance and transactions that connect technologies and institutions. These issues of coordination and alignment, at the core of the book, are substantiated through in-depth case studies of networks from the energy, water and wastewater, and transportation sectors.

New Institutional Economics (NIE) has skyrocketed in scope and influence over the last three decades. This first Handbook of NIE provides a unique and timely overview of recent developments and broad orientations. Contributions analyse the domain and perspectives of NIE; sections on legal institutions, political institutions, transaction cost economics, governance, contracting, institutional change, and more capture NIE's interdisciplinary nature. This Handbook will be of interest to economists, political scientists, legal scholars, management specialists, sociologists, and others wishing to learn more about this important subject and gain insight into progress made by institutionalists from other disciplines. This compendium of analyses by some of the foremost NIE specialists, including Ronald Coase, Douglass North, Elinor Ostrom, and Oliver Williamson, gives students and new researchers an introduction to the topic and offers established scholars a reference book for their research.

This outstanding book presents new original contributions from some of the world's leading economists including Ronald Coase, Douglass C. North, Masahiko Aoki, Oliver E. Williamson and Harold Demsetz. It demonstrates the extent and depth of the New Institutional Economics research programme which is having a worldwide impact on the economics profession.The book lays out the fundamental dimensions of the research programme with special emphasis on the interaction between institutional factors, both formal and informal, and the performance of different arrangements that organize transactions. After examining the foundations of New Institutional Economics and honouring Ronald Coase's contribution to the field, it presents controversial and conflicting views on the sources of growth. It places special emphasis on organizations and transactions, focusing on issues of trust, corruption, enforcement of contracts and modes of organization. Written by an eminent group of scholars, Institutions, Contracts and Organizations is an important landmark in the development of New Institutional Economics.

Institutional reforms and their contribution to development and growth have been a source of renewed interest as well as of many challenges over the last two decades. Identifying the forces that push towards reform and the conditions that determine the success or failure of reforms, building organizational arrangements needed to make modifications to the rules of the game sustainable, and understanding the limits to the transfer of reforms and to the help that international organizations and foreign institutions can provide to support change, raise intellectually difficult and politically highly sensitive issues. This book attempts to address these issues from an economic perspective. Combining knowledge and field experience, it develops an analysis of institutional changes and organizational transformations based on the experience of the public procurement reforms carried out in sub-Saharan Africa. This highlights the economic significance of procurement and the formidable obstacles that institutional changes face. Using an original dataset, it explores the gap between the expectations and what has been achieved. It develops a framework that intends to capture the complex interaction between the different components of reform and aims to provide useful insights for researchers and policy makers.