Key Aspects of the New Institutional Economics (NIE)

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


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


Instrumental Variable Institutional Quality Economic History Great Recession Legal Origin 
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© Oleh Havrylyshyn and Nora Srzentić 2015

Authors and Affiliations

  • Oleh Havrylyshyn
  • Nora Srzentić

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