2008•Journal of Nanjing Institute of TechnologyRequires access

On Influences of New Institutional Economics on Western Economics

Shuang Yao

Abstract

New Institutional Economics originated in the 1960s when the liberalism came back in the mainstream.This school of economics studies economy in terms of transaction cost,property right,composition and changes of systems,making a great contribution to the development of western economics.The influences of new institutional economics on western economics lie in three aspects: modifying basic hypothesis,focusing on historical methodology,and case study.

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Key concepts: Mainstream economics, New institutional economics, Transaction cost, Institutional economics, Human development theory, Applied economics, Economics, Schools of economic thought