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 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 Socio Economic Objective 970114 Expanding Knowledge in Economics HERDC Research category C1 Refereed article in a scholarly journal Copyright notice ©2005, Transaction Publishers Persistent URL http://hdl.handle.net/10536/DRO/DU:30003377 Document type: Journal Article Collection: School of Accounting, Economics and Finance   Link to Related Work New institutional economics: it's nature, potential and the future (deposited 30-08-2016) Transaction Publishers Publisher (deposited 20-11-2013)   Unless expressly stated otherwise, the copyright for items in DRO is owned by the author, with all rights reserved. Versions Version Filter Type Wed, 29 Jan 2014, 14:09:59 EST Filtered Full Citation counts:   Cited 0 times in TR Web of Science Cited 0 times in Scopus Search Google Scholar Access Statistics: 411 Abstract Views, 1 File Downloads  -  Detailed Statistics Created: Mon, 07 Jul 2008, 08:51:25 EST

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