Deakin home > Deakin University Library > Deakin Research Online > New institutional economics: it's nature, potential and the future

New institutional economics: it's nature, potential and the future

Herath, Gamini 2005, New institutional economics: it's nature, potential and the future, International journal of applied economics and econometrics, vol. 13, no. 1, pp. 35-60.

Attached Files (Some files may be inaccessible until you login with your Deakin Research Online credentials)
Name Description MIMEType Size Downloads

Title New institutional economics: it's nature, potential and the future
Author(s) Herath, Gamini
Journal name International journal of applied economics and econometrics
Volume number 13
Issue number 1
Start page 35
End page 60
Publisher Transaction Publishers
Place of publication New Brunswick, N.J.
Publication date 2005-01
ISSN 0971-8281
1530-7247
Summary It is generally accepted that institutional problems have severely constrained development in many countries regardless of significant achievements in technology and other reforms. Both the Old and New Institutional Economics have relevance in understanding the lack of progress in many countries in Asia and Africa. Institutions generally refer to the "framework within which human interactions take place. Two major strands of NIE are the transaction costs and the collective action approach. The NIE implies that traditional rural institutions such as user groups, rotating credit and irrigation associations, interlinked credit etc. are institutions that have emerged in place of the market due to lower transactions costs. The successful management of common property resources such as water, forests, wetlands etc using local arrangements imply that institutions need to be interpreted in broader terms and the simple dichotomy of market or the government is too limited to understand the development process. New thinking is required in developing institutions that are structurally suited for management at the local level. Such an approach will have better chance to succeed compared to a process based upon the market.
Language eng
Field of Research 140202 Economic Development and Growth
HERDC Research category C1 Refereed article in a scholarly journal
Copyright notice ©2005, International journal of applied economics and econometrics
Persistent URL http://hdl.handle.net/10536/DRO/DU:30003377

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
Connect to link resolver
 
Unless expressly stated otherwise, the copyright for items in Deakin Research Online is owned by the author, with all rights reserved.

Versions
Version Filter Type
Access Statistics: 366 Abstract Views, 0 File Downloads  -  Detailed Statistics
Created: Mon, 07 Jul 2008, 08:51:25 EST