Academic literature on the topic 'Institutional economics'

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Journal articles on the topic "Institutional economics"

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Devy C Yudihutomo. "Institutional Approach in Economics and Institutional Economic Thinking." Demagogi: Journal of Social Sciences, Economics and Education 2, no. 2 (May 19, 2024): 81–88. http://dx.doi.org/10.61166/demagogi.v2i2.19.

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Aspects of economic methodology contained in Institutional economics are often incorporated into orthodox economics. Orthodox economics means economic thoughts that use and continue classical economic views, such as free competition, perfect competition, consumer satisfaction. The person who was most influential and had a dominant role in the existence of the Institutional school was Thorstein Bunde Veblen. He criticized Classical and Neo-classical economic theories which ignored non-economic aspects such as institutions and the environment. In fact, Veblen considered that the influence of circumstances and the environment was very large on people's economic behavior. Unsupportive political and social structures can cause distortions in economic processes. For Veblen, society is an evolutionary phenomenon, everything is constantly changing. A person's behavioral patterns in society are adapted to current social conditions. If the behavior is suitable and accepted, then the behavior will continue. On the other hand, if a behavior is deemed unsuitable, the behavior will be adapted to the environment. These circumstances and environments are what Veblen called "institutions". In this case, it is explained that what Veblen means by institutions are things related to norms, values, habits and culture. Furthermore, everything is reflected in economic activities, both in production and consumption.
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Knežević, Vladimir, Dragan Ivković, and Aleksandra Penjišević. "Institutional economics and economic development." Ekonomika 66, no. 3 (2020): 81–94. http://dx.doi.org/10.5937/ekonomika2003081k.

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This research deals with the relationship between economic quality of institutions and economic development. For obtaining the value quantification of institutional quality, we measured rankings of 138 most important national economies based on three pillars of competitiveness, and we used Gross national product per capita to measure development. We applied Spearman`s rank correlation coefficient based on these two parameters for measuring the relationship between ranking of national economies. There is no doubt that a strong direct relationship was recognised. The value of the result lies in the identification of institutional economics as the major cause for different development levels of certain countries. This implies that in case of value measurement of our country, also the most efficient tool would be to put focus on increase of institutional quality.
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Prasad, Biman C. "Institutional economics and economic development." International Journal of Social Economics 30, no. 6 (June 2003): 741–62. http://dx.doi.org/10.1108/03068290310474120.

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REISMAN, DAVID A. "Economic sociology and institutional economics." Journal of Institutional Economics 3, no. 1 (April 2007): 91–112. http://dx.doi.org/10.1017/s1744137406000579.

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Abstract:Economic sociology was a core concern of early political economists like Smith, Marx, Pareto, and Marshall. The new economic sociology has sought to revive the neglected subdiscipline using the construct of interpersonal networks. Richard Swedberg has assembled 42 substantial papers in this collection. This article, reviewing his selection, proceeds in three stages. First, it provides a general framework for the debate. Second, it discusses the papers specifically linked to networks. Third, it analyses the contributions that go beyond the concept of social processes as personal relationships.
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Whalen, Charles J. "Institutional Economics." Journal of Economic Issues 24, no. 3 (September 1990): 923–29. http://dx.doi.org/10.1080/00213624.1990.11505087.

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Ankarloo, Daniel. "New Institutional Economics and economic history." Capital & Class 26, no. 3 (October 2002): 9–36. http://dx.doi.org/10.1177/030981680207800102.

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New Institutional Economics (NIE) has been celebrated as a path-breaking approach to the understanding of capitalism. This article advances a conceptual critique of NIE approaches to economic history. The author suggests that NIE cannot solve the underlying tension, that its economics remains ahistorical, and that when history, social relations and realism are invoked, the economics disappears, being replaced by various cultural and state-centred explanations. Therefore NIE is not so much a research programme in progress, but rather an indication of the degeneration of the tools of neo-classical economics.
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Agboola, Alirat Olayinka. "Neoclassical economics and new institutional economics." Property Management 33, no. 5 (October 19, 2015): 412–29. http://dx.doi.org/10.1108/pm-12-2014-0055.

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Purpose – The purpose of this paper is to examine the provisions of both the neoclassical economics and new institutional economics theses and assesses the implications of their methodologies for property market analysis. Design/methodology/approach – This research is based on secondary literature review and desk-based study. Findings – It is argued that new institutional economics, grounded on firmer foundations of human behaviour, offers an analytical approach to the study of the property market which emphasizes the institutionally contingent nature of real estate exchange, thus placing real estate within its socio-economic context. Originality/value – In-depth examination and juxtaposition of the provisions, assumptions, philosophical orientations and limitations of these main traditions of economic thought towards the achievement of a representative study of the workings of the property market.
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KAYIKÇI, Fazıl, and Mustafa KESGİN. "Contributions of Institutional Economics to Economic Thought." Yildiz Social Science Review 8, no. 1 (July 21, 2022): 52–64. http://dx.doi.org/10.51803/yssr.1146878.

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It is seen that interest in the effects of human behavior on economic events and phenomena has been increasing in recent years. In this context, institutions where behaviors become a set of formal-informal rules that determine the boundaries of choice for the stakeholders of the society from thought to action and form the framework of individual action by gaining stability, are of great importance in terms of developing an economic thinking system compatible with the real world. With its dynamic perspective on economic events and phenomena, the institutional economic tradition has revealed important discoveries by evaluating the effects of institutions on the economic order from different perspectives and closed a major gap in this area. With this study, the historical adventure of institutional economics, which started with the pioneering studies that Thorstein B. Veblen put forward based on the Darwinian evolution approach, has been discussed from the perspective of old and new institutional economics. By presenting the contributions of the prominent representatives of the tradition to economic thought through labor included in the analysis, it is aimed to open a door from the perspective of institutionalized behavior to studies on the economic impact of human behavior. In addition, the evaluations for the sustainability of the institutional tradition were discussed, and the advantages and disadvantages of the tradition in question were emphasized within the framework of today's prevailing economic approach.
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Libecap, Gary D. "The New Institutional Economics and Economic History." Journal of Economic History 57, no. 3 (September 1997): 718–21. http://dx.doi.org/10.1017/s0022050700019112.

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Kilpatrick, Henry E., and Shigeto Tsuru. "Institutional Economics Revisited." Southern Economic Journal 61, no. 2 (October 1994): 551. http://dx.doi.org/10.2307/1060012.

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Dissertations / Theses on the topic "Institutional economics"

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Parada, Jairo Jesus Sturgeon James I. "A pragmatic institutional economics approach to economic development and institutions the case of Colombia /." Diss., UMK access, 2006.

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Thesis (Ph. D.)--Dept. of Economics. University of Missouri--Kansas City, 2006.
"A dissertation in economics and Social Science Consortium." Advisor: James I. Sturgeon. Typescript. Vita. Title from "catalog record" of the print edition Description based on contents viewed Jan. 29, 2007. Includes bibliographical references (leaves 244-256). Online version of the print edition.
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Kelm, Matthias. "Institutional determinants of economic evolution." Thesis, University of Cambridge, 1995. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.389840.

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Grajzl, Peter. "Essays in comparative institutional economics." College Park, Md. : University of Maryland, 2005. http://hdl.handle.net/1903/2597.

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Thesis (Ph. D.) -- University of Maryland, College Park, 2005.
Thesis research directed by: Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Fraser, Gavin. "Institutional economics and the environment." Rhodes University, 2012. http://hdl.handle.net/10962/d1006130.

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[From text] What is Institutional Economics? Before delving into the concept of institutional economics, it will be useful to explain what is meant by institutions because institutions in economics have a particular meaning. The most commonly agreed upon definition for institutions is a set of formal and informal rules of conduct that facilitate coordination or govern relationships between individuals or groups. The formal rules include laws, contracts, political systems, organisations, and markets, while the informal rules of conduct consist of norms, traditions, customs, value systems, religions and sociological trends. Institutions provide for more certainty in human interaction (North, 1990) and have an influence on outcomes such as economic performance, efficiency, economic growth and development. They can either benefit or hinder these economic measures. Williamson (2000) noted that new institutional economics operates at both the macro and micro levels. The macro level deals with the institutional environment, or the rules of the game, which affect the behaviour and performance of economic actors and in which organisational forms and transactions are embedded. Williamson (1993) described it as the set of fundamental political, social and legal ground rules that establish the basis for production, exchange and distribution. The micro level analysis known as the institutional arrangement, on the other hand, deals with the institutions of governance. These refer to the modes of managing transaction costs and include issues of social capital, property rights and collective action. Here the focus is on the individual transaction and the questions regarding organisational forms (private property versus common pool resources) are analysed. An institutional arrangement is an arrangement between economic units that govern the ways in which its members can co-operate or compete.
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Arvanitidis, Paschalis A. "Property market and urban economic development : an institutional economics approach." Thesis, University of Aberdeen, 2003. http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.288280.

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This thesis examines the relationship between the property market and urban economic development. The impetus for the research lies in the rapid process of urban economic change and the failure of economic approaches to explore adequately the important role of the property market in that process. The study draws on institutional economics to advance the argument that the property market as an institution is a mediator through which economic potential can be realised and served. Due to major philosophical and theoretical deficiencies in the area, focus is placed on the establishment of an appropriate philosophical framework, the development of a new theory, and the specification of a research design for empirical investigation of the issues. The thesis's foremost contribution therefore lies in the formation of a holistic research programme to conceptualise the property market as an institution and to explore its role within the urban economy. Critical realist principles provide the basis for the development of the philosophical position of the study. These are combined with institutionalist insights to construct a three-layer ontological framework discussing the nature of urban socioeconomy. The thesis then lays down a rich theory of urban economic organisation, placing explicit emphasis on the institutional mechanisms, processes and dynamics through which the built environment is provided. The interrelation between property market process and the wider institutional environment is explored, particularly in terms of efficiency in providing appropriate market institutions and property outcomes that support urban economic potential. From this discussion the institutionalist concept of 'property market purpose efficiency' is developed. Building upon the conceptual framework, the thesis explicitly addresses the requirements for concrete analysis. It, first, lays down a generic analytical approach specifying appropriate research methods and techniques for investigation, and, second, sets up a research design providing an operational frame in which developed theory is translated into empirical practice. This research design provides a blueprint for empirical case studies. Finally, a case study of Madrid is employed to empirically explore the research design.
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Stettler, Michael. "Institutions, property rights and external effects : new institutional economics and the economics of John R. Commons /." [S.l.] : [s.n.], 1999. http://aleph.unisg.ch/hsgscan/hm00006017.pdf.

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Yasmin, Aizat. "INSTITUTIONS AS THE MAIN DETERMINANT OF ECONOMIC DEVELOPMENT: WITH A FOCUS ON ECONOMIC FREEDOM INDEX AS PROXIES." OpenSIUC, 2020. https://opensiuc.lib.siu.edu/theses/2684.

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This paper hopes to serve as a primer, firstly for this Author, regarding the concept of Institutional Economics; a foundation and an enabling environment, which allows economics to function and to be free. Firstly, we focus on the topic of institutions within the scope of economic development, and ask the simple question, “Why some countries are poor, and why some countries are rich?” In terms of set up, this paper is guided by Dani Rodrik & Arvind Subramanian’s 2003 article, “The Primacy of Institutions (and what this does and does not mean).” I looked at how institutions, market openness and geography effect economic development. Both an OLS and pooled OLS model are employed, with the results showing that, institutions account for the largest variation in income. The data is sourced from the Heritage Foundation, 2019 Index of Economic Freedom. Secondly, a discussion of Brunei Darussalam, my home country is presented, trying to link ideas of institutional economics, economic freedom, entrepreneurship and economic development.
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Buttkereit, Sören. "Intersectoral alliances : an institutional economics perspective /." Berlin : wvb, Wiss. Verl, 2009. http://www.wvberlin.de/data/inhalt/buttkereit.html.

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Janus, Thorsten Janus M. "Game-theoretic applications in institutional economics /." Diss., Digital Dissertations Database. Restricted to UC campuses, 2006. http://uclibs.org/PID/11984.

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Mukashev, Yerzhan Bulatovich. "Empirical essays in comparative institutional economics." College Park, Md.: University of Maryland, 2007. http://hdl.handle.net/1903/6832.

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Thesis (Ph. D.) -- University of Maryland, College Park, 2007.
Thesis research directed by: Economics. Title from t.p. of PDF. Includes bibliographical references. Published by UMI Dissertation Services, Ann Arbor, Mich. Also available in paper.
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Books on the topic "Institutional economics"

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Whalen, Charles J. Institutional Economics. London: Routledge, 2021. http://dx.doi.org/10.4324/9781003160434.

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Pischulov, Viktor. Institutional economics. ru: INFRA-M Academic Publishing LLC., 2021. http://dx.doi.org/10.12737/1212877.

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The textbook deals with the development of representations of economic theory within the framework of the methodology of institutional economics. The main views of the representatives of this trend are analyzed. Special attention is paid to the construction of models of economic reality, the definition of the main concepts used in the course of institutional economics, and the formation of a system of these concepts. For teachers, students, postgraduates, researchers and practitioners studying institutional economics.
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1933-, Samuels Warren J., ed. Institutional economics. Aldershot, Hants, England: Edward Elgar, 1988.

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1933-, Samuels Warren J., ed. Institutional economics. Aldershot, Hants, England: Edward Elgar, 1988.

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Spithoven, A. H. G. M. and Berg Annette van den, eds. Institutional economics: An introduction. New York: Palgrave Macmillan, 2010.

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Klitgaard, Robert E. Institutional adjustment and adjusting to institutions. Washington, D.C: World Bank, 1995.

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Hodgson, Geoffrey M. Economics and institutions: A manifesto for modern institutional economics. Oxford: Polity Press, 1989.

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Brousseau, Eric, and Jean-Michel Glachant, eds. New Institutional Economics. Cambridge: Cambridge University Press, 2008. http://dx.doi.org/10.1017/cbo9780511754043.

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Foundation, Raffaele Mattioli, ed. Institutional economics revisited. Cambridge [England]: Cambridge University Press, 1993.

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Sun, Shaorong. Five Basic Institution Structures and Institutional Economics. Singapore: Springer Singapore, 2016. http://dx.doi.org/10.1007/978-981-10-0344-8.

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Book chapters on the topic "Institutional economics"

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Douarin, Elodie, and Tomasz Mickiewicz. "Institutions; Institutional Reform." In Economics of Institutional Change, 57–78. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-0-230-29128-7_3.

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Mickiewicz, Tomasz. "Institutions; Institutional Reform." In Economics of Institutional Change, 37–52. Cham: Springer International Publishing, 2010. http://dx.doi.org/10.1057/9780230291287_4.

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Raudla, Ringa. "Institutional Economics." In Encyclopedia of Law and Economics, 1164–72. New York, NY: Springer New York, 2019. http://dx.doi.org/10.1007/978-1-4614-7753-2_56.

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Raudla, Ringa. "Institutional Economics." In Encyclopedia of Law and Economics, 1–10. New York, NY: Springer New York, 2014. http://dx.doi.org/10.1007/978-1-4614-7883-6_56-1.

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Cunningham, Stuart, Terry Flew, and Adam Swift. "Institutional Economics." In Media Economics, 67–99. London: Macmillan Education UK, 2015. http://dx.doi.org/10.1007/978-1-137-51607-7_4.

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Samuels, Warren J. "Institutional Economics." In The New Palgrave Dictionary of Economics, 1–4. London: Palgrave Macmillan UK, 1987. http://dx.doi.org/10.1057/978-1-349-95121-5_1104-1.

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Samuels, Warren J. "Institutional Economics." In The New Palgrave Dictionary of Economics, 1–5. London: Palgrave Macmillan UK, 2008. http://dx.doi.org/10.1057/978-1-349-95121-5_1104-2.

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Samuels, Warren J. "Institutional Economics." In The New Palgrave Dictionary of Economics, 6581–86. London: Palgrave Macmillan UK, 2018. http://dx.doi.org/10.1057/978-1-349-95189-5_1104.

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Solo, Robert A. "Institutional Economics." In Current Issues in Microeconomics, 263–76. London: Palgrave Macmillan UK, 1989. http://dx.doi.org/10.1007/978-1-349-20290-4_10.

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Hodgson, Geoffrey M. "Institutional economics." In Rethinking Economics, 45–59. Abingdon, Oxon ; New York, NY : Routledge is an imprint of the Taylor & Francis Group, an Informa Business, [2017]: Routledge, 2017. http://dx.doi.org/10.4324/9781315407265-5.

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Conference papers on the topic "Institutional economics"

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Vig, P. R. "Independent Access to Institutional Capital." In SPE Hydrocarbon Economics and Evaluation Symposium. Society of Petroleum Engineers, 1989. http://dx.doi.org/10.2118/18936-ms.

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SUKHAREV, Oleg, and Vladimir CHAPLYGIN. "ECONOMIC POLICY OF GROWTH: SELECTION OF INSTITUTES AND TECHNOLOGICAL MODELS OF DEVELOPMENT." In Contemporary Issues in Business, Management and Economics Engineering. Vilnius Gediminas Technical University, 2019. http://dx.doi.org/10.3846/cibmee.2019.006.

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Purpose – to study the possibilities of institutional theory to establish a modern theory of economic growth, including the factors of institutions and technologies changes. These factors are a set of rules with high coercive force to the agents’ action form a particular mode/model of their adaptation, together with other institutions. Research Methodology – the neoclassical models of economic growth, which may include institutional factors and to study their impact on the growth and change of the factors, into the business practice are applied. The key scientific problem is to choose the right market Institute for a proper way of technological development. The authors use the micro-level analysis of the agents and institutions’ interaction in the process of new technologies appearance. Morphological and taxonomic analysis in order to highlight the models of technological development and economic growth had been applied. Findings – the research results may enrich an economic theory and practice in the area of business models applicability. The findings may assist a business community to influence the general technological development within the national institutional systems. Research limitations – due to the fact that different institutions, structures and technologies act on the economic dynamics at the same time, separating their influence is an independent scientific problem that is not solved in all cases. However, the set of considered institutional factors forms and provides a kind of “manufacturability” of economic growth. Practical implications – the so-called institutional macroeconomics as a practical discipline (which has a very close connection with behavioural macroeconomics) may assist to explore the economic growth from the point of view of changing institutions (firms, business community), labour markets and information – technical and technological changes. Originality/Value – the value of the research consists in the systematization of institutional factors affecting the economic growth, conducting a morphological structural analysis of growth types, which allow identifying eight main growth trajectories in business activity.
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Kietlińska, Krystyna. "INSTITUTIONAL FORMS OF ACTION AGAINST SOCIAL EXCLUSION IN POLAND." In 5th Economics & Finance Conference, Miami. International Institute of Social and Economic Sciences, 2016. http://dx.doi.org/10.20472/efc.2016.005.009.

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Babayan, YA V., and N. YU Reshetova. "Priority areas of institutional changes in the regional economic system." In Scientific dialogue: Economics and Management. ЦНК МОАН, 2020. http://dx.doi.org/10.18411/sciencepublic-08-07-2020-02.

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Xu, Cong. "Uncertainty and construction projects: A new institutional economics perspective." In 2011 IEEE 18th International Conference on Industrial Engineering and Engineering Management. IEEE, 2011. http://dx.doi.org/10.1109/icieem.2011.6035159.

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Reznik, Nadiia P., Oleksandr V. Hridin, IvannaV Chukina, Oleksiy O. Krasnorutskyy, and Mykola V. Mykhaylichenko. "Mechanisms and tools of personnel management in institutional economics." In INTERNATIONAL CONFERENCE ON SUSTAINABLE INNOVATION IN MECHANICAL ENGINEERING. AIP Publishing, 2022. http://dx.doi.org/10.1063/5.0089330.

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Liu, Fang, Yinghui Miao, and Wang Miao. "Institutional Innovation of Water Resources Management." In 2018 2nd International Conference on Education, Economics and Management Research (ICEEMR 2018). Paris, France: Atlantis Press, 2018. http://dx.doi.org/10.2991/iceemr-18.2018.39.

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Afonasova, Margarita. "Institutional transformation as a response to new challenges and demands of society." In Systems Analysis in Economics - 2020. Moscow, "Science" Publishing House, 2021. http://dx.doi.org/10.33278/sae-2020.book1.160-163.

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Михаил, Рубинов. "URBAN TRAFFIC PROBLEMS: THE CONTRIBUTION OF TRADITIONS,SOCIAL ENGINEERING AND INSTITUTIONAL CHANGES." In MODERN CITY: POWER, GOVERNANCE, ECONOMICS. Publishing House of Perm National Research Polytechnic University, 2020. http://dx.doi.org/10.15593/65.049-66/2020.13.

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Urban studies need theoretical approaches. The article reviewed criteria for such approaches’ selection. Selected approaches greatly emphasize the entrepreneurship contribution to public goods’ provision, specifically, in the field of urban traffic. The barriers for solving of urban traffic problems were identified due to these approaches supplemented supplies with comparative historical method. The principles of such problems’ solving were offered.
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Kridasakti, Sri Wahyu. "Ius Constituendum of Regulating Institutional Village-Government System." In International Conference on Law, Economics and Health (ICLEH 2020). Paris, France: Atlantis Press, 2020. http://dx.doi.org/10.2991/aebmr.k.200513.139.

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Reports on the topic "Institutional economics"

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Alston, Eric, Lee Alston, and Bernardo Mueller. New Institutional Economics and Cliometrics. Cambridge, MA: National Bureau of Economic Research, February 2023. http://dx.doi.org/10.3386/w30924.

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Blodgett, Forrest. Institutional economics and urban political economy. Portland State University Library, January 2000. http://dx.doi.org/10.15760/etd.849.

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Caselli, Francesco, and Nicola Gennaioli. Economics and Politics of Alternative Institutional Reforms. Cambridge, MA: National Bureau of Economic Research, January 2007. http://dx.doi.org/10.3386/w12833.

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Taylor, Alan. Latin America and Foreign Capital in the Twentieth Century: Economics, Politics, and Institutional Change. Cambridge, MA: National Bureau of Economic Research, October 1999. http://dx.doi.org/10.3386/w7394.

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Rosenblatt, David, Khamal Clayton, Henry Mooney, José Luis Saboin, Cloe Ortiz de Mendívil, Victor Gauto, Gisele Teixeira, and Nirvana Satnarine-Singh. Caribbean Economics Quarterly: Volume 12, Issue 3: Dealing with Debt in the Caribbean. Inter-American Development Bank, December 2023. http://dx.doi.org/10.18235/0005372.

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Many countries in Latin America and (especially) the Caribbean have struggled with public indebtedness problems for decades, but some have transitioned to relatively low and stable debt levels based on the strengthening of fiscal institutions, and macroeconomic institutions more generally. Following on this year's Development in the Americas report, Dealing with Debt, this edition of the Caribbean Economics Quarterly examines the status of public debt sustainability in Caribbean countries. The regional chapter provides a primer on the analysis of public debt dynamics and a review of the recent literature on empirical approaches to debt sustainability. Country chapters provide additional details on country experiences in recent decades, as well as the current policy and institutional frameworks for managing public debt.
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Christy, Ralph D., and Lin Fu, eds. Innovative Institutions to Accelerate Agroindustry Development in Asia. Asian Productivity Organization, December 2020. http://dx.doi.org/10.61145/pjdk3530.

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Agroindustries spur economic development, create jobs in rural and urban areas, increase food security, and reduce poverty. This report by Prof. Ralph D. Christy, Research Fellow Lin Fu, and their team at the Dyson School of Applied Economics and Management, Cornell College of Business, resulted from joint research with the APO examining the institutional basis for accelerating agroindustry development, government initiatives in Asia to achieve it, and mega trends shaping the sector now and in the future.
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Cornick, Jorge, Jeffry Frieden, Mauricio Mesquita Moreira, and Ernesto H. Stein. Open configuration options Political Economy of Trade Policy in Latin America. Inter-American Development Bank, February 2022. http://dx.doi.org/10.18235/0003986.

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Few propositions in economics are as widely accepted as the theory of comparative advantage: If two countries have a comparative advantage in the production of different goods and services, trade can be welfare-enhancing for both. But trade policy has always been controversial in Latin America, as it is not made by academic economists but by politicians who need to gather and maintain the support of constituents who in some cases have much to lose or gain from different trade policies. This book walks the reader through a complex thicket of contending interests and disparate political institutions to analyze why Latin American governments make the trade policies they do. Its chapters show how an array of different governments have attempted to navigate frequently conflicting interests and ideas, and how different institutional arrangements impinge on trade policy design and outcomes. It is to be hoped that the experiences analyzed here can inform the making of future policy and, perhaps, help improve it.
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Bianchi, Matias, Florencia Coda, Jennifer Cyr, Ian Heffernan, and Jessica Meeker. Effective Governance Responses to Crises: Lessons from the Covid-19 Pandemic. Institute of Development Studies, September 2023. http://dx.doi.org/10.19088/core.2023.011.

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Abstract:
In times of crisis, decision-making becomes paramount, yet it is often influenced by two distinct behavioural patterns: analysis paralysis and risk aversion. Drawing a parallel between the studies presented in this brief, it is possible to discern the interplay of analysis paralysis and risk aversion within institutional responses to crises. The research from the African School of Economics (ASE) examines the phenomenon of analysis paralysis within the context of democratic institutions. It highlights the correlation between democratic rights and long-term economic prosperity while cautioning against the negative consequences of reversing these rights. The study delves into potential mechanisms contributing to the deterioration of democratic institutions during crises, including limited collective action and the acceptance of repressive policies. By analysing survey results from Benin, Burkina Faso, and South Africa, the research uncovers varying degrees of acceptance of perceived repressive policies and willingness to protest, shedding light on the vulnerability of democratic institutions when faced with analysis paralysis. These findings underscore the importance of addressing decision-making bottlenecks, encouraging timely action, and fostering an environment where collective action is possible. Contrasting this, the research from Colabora.Lat focuses on the impact of risk aversion in institutional responses to the pandemic. The findings emphasise the importance of collaboration, highlighting how governments and various actors working together can effectively address the multifaceted challenges posed by crises. Through the lens of risk aversion, the study explores how collaboration enabled governments to combine resources, knowledge, and experiences to produce unified messages and mitigate the worst health impacts. It showcases the successes observed in countries such as Argentina, Bolivia, Chile, Colombia, Guatemala, and Mexico, where collaborative governance fostered effective policy outcomes, including lower mortality rates. By combining the insights from these texts, we gain a comprehensive understanding of the challenges and opportunities faced by institutions during times of crisis. Acknowledging the potential pitfalls of analysis paralysis and the transformative potential of collaborative responses, policymakers and decision makers can navigate crises with more agility, ensuring the preservation of democratic institutions and mechanisms while effectively addressing the health and socioeconomic impacts of crises.
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9

Engerman, Stanley, and Kenneth Sokoloff. Institutional and Non-Institutional Explanations of Economic Differences. Cambridge, MA: National Bureau of Economic Research, September 2003. http://dx.doi.org/10.3386/w9989.

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10

Bizer, Kilian, and Martin Führ. Responsive Regulierung für den homo oeconomicus institutionalis – Ökonomische Verhaltenstheorie in der Verhältnismäßigkeitsprüfung. Sonderforschungsgruppe Institutionenanalyse, 2001. http://dx.doi.org/10.46850/sofia.393379529x.

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The starting point of the research project was the hypothesis that the "principle of proportionality", which is fundamental to law, is related to the "economic principle". The resulting methodological similarities were intended to enable a cross-disciplinary bridge to be built, which would allow the findings of economic analysis to be made fruitful for legal issues. This was practically tested in three study areas in order to be able to better classify the performance of the analytical tools. The foundations for interdisciplinary bridge building are found in the rational-choice paradigm. In both disciplines, this paradigm calls for an examination of the relationship between the purpose-means-relations: among the design options under consideration, the one must be selected that is expected to be as (freedom- or resource-) sparing as possible, in other words, the most "waste-free" solution to the control problem.The results of the economic analysis can thus be "translated" in such a way that, within the framework of "necessity", they support the search for control instruments that are equivalent to the objective but less disruptive. supports. The core of the positive economic analysis is the motivational situation of those actors whose behavior is to be influenced by a changed legal framework. In this context, the classical behavioral model of economics proved to be too limited. It therefore had to be developed further in line with the findings of research in institutional economics into homo oeconomicus institutionalis. This behavioral model takes into account not only the consequentialist, strictly situational utility orientation of the model person, but also other factors influencing behavior, including above all those that are institutionally mediated. If one takes the motivational situation of the actors as the starting point for policy-advising design recommendations, it becomes apparent that an understanding of governance dominated by imperative behavioral specifications leads to less favorable results, both in terms of the degree to which goals are achieved and in terms of the freedom-impairing effects, than a mixed-instrument approach oriented toward the model of "responsive regulation." According to this model, the law can no longer simply assume that those subject to the law will "obediently" execute the legal commands. It must ask itself what other factors determine behavior and under what boundary conditions changes can be expected in the direction of the desired behavior. For this reason, too, it must engage with the cognitive program of the behavioral sciences. This linkage opens up new perspectives for interdisciplinary research on the consequences of laws.
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