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Key Aspects of the New Institutional Economics (NIE)

  • Oleh Havrylyshyn
  • Nora Srzentić
Part of the Palgrave Studies in Economic History book series (PEHS)

Abstract

This chapter will provide a background on the recent literature focusing on institutions as a factor behind economic success of countries, not only looking back in history but also in current policy discussions about sustained growth in developing countries, the recent post-communist transition, and also the current slow-growth problems of advanced countries like the US and Europe. Adducing the importance of good institutions goes well beyond the economic literature, and has become commonplace in other social sciences: political studies, sociology, and history. We will focus primarily on the work of economists, though many writings follow a political economy approach and sometimes overlap with other disciplines. This chapter does not purport to do a comprehensive survey of this literature, but only highlights its main points to give a selective resume of those aspects of the NIE most relevant to this book.1

Keywords

Instrumental Variable Institutional Quality Economic History Great Recession Legal Origin 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Oleh Havrylyshyn and Nora Srzentić 2015

Authors and Affiliations

  • Oleh Havrylyshyn
  • Nora Srzentić

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