FOUNDATİONS OF THE NEW INSTİTUTİONAL ECONOMİCS SCHOOL

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Recently, the New Institutional Economics is one of the leading movements that tend to appear more frequently in economic literature. All kinds of written or unwritten rules that help individuals to maintain stability, reduce uncertainty and organize their behavior can be considered as institutions. In other words, they can be seen as the rules of the game, giving individuals information about how the system works. At first glance, the concept of institutions and private property evokes the disciplines of sociology, politics and law but economists’ interest on the subject (issue) is quite old. Considering performance of the overall structure of the institutions, there stands a divergence not only throughout time but also from one society to other during the same period. This study tries to draw a basic framework and main topics of the institutional analysis. Section II provides a broad overview of the old and the new institutionalism from a historical perspective. The contribution of the school with its main contributions is summarized in the next section. Conclusion and a general evaluation for the future research are presented in the last section.

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New Institutional Economics , Old Institutional Economics , theory of the firm , contract theory

Journal Of Economics an‎d Administrative Sciences

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Journal Of Economics an‎d Administrative Sciences