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2009•Journal of Fujian Institute of EducationRequires access

The Main Theoretical Contributions of the New Institutional Economics

Ge Liang

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Abstract

This paper first introduces briefly the background and the status quo of the New Institutional Economics and then expounds the main theoretical contributions from three perspectives: the institutional analysis of the New Institutional Economics centers on the core concept of Transaction Cost;the New Institutional Economics regards institutions as an endogenous variable and makes a study of it,inheriting the Neoclassical Economics critically;the research method of the New Institutional Economics begins with the analysis of the real-life institutions,and the exemplificative research that is based on reality draws people's attention to the Experimental Economics.This paper ends with the enumeration of the fields that the institutional analysis can be applied to.

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What this paper is about

This paper first introduces briefly the background and the status quo of the New Institutional Economics and then expounds the main theoretical contributions from three perspectives: the institutional analysis of the New Institutional Economics centers on the core concept of Transaction Cost;the New Institutional Economics regards institutions as an endogenous variable and makes a study of it,inheriting the Neoclassical Economics critically;the research method of the New Institutional Economics begins with the analysis of the real-life institutions,and the exemplificative research that is based on reality draws people's attention to the Experimental Economics.This paper ends with the enumeration of the fields that the institutional analysis can be applied to.

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Available abstract

This paper first introduces briefly the background and the status quo of the New Institutional Economics and then expounds the main theoretical contributions from three perspectives: the institutional analysis of the New Institutional Economics centers on the core concept of Transaction Cost;the New Institutional Economics regards institutions as an endogenous variable and makes a study of it,inheriting the Neoclassical Economics critically;the research method of the New Institutional Economics begins with the analysis of the real-life institutions,and the exemplificative research that is based on reality draws people's attention to the Experimental Economics.This paper ends with the enumeration of the fields that the institutional analysis can be applied to.

Key concepts: New institutional economics, Transaction cost, Institutional economics, Status quo, Institutional analysis, Economics, Economics education, Positive economics

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