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.

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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
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
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