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  5. The New Institutional Economics: Taking Stock, Looking Ahead

Journal of Economic Literature

ISSN 0022-0515 (Print) | ISSN 2328-8175 (Online)

The New Institutional Economics: Taking Stock, Looking Ahead

  • Oliver E. Williamson
Journal of Economic Literature
vol. 38, no. 3, September 2000
(pp. 595–613)
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Abstract

This paper examines the progressive development of the new institutional economics over the past quarter century. It begins by distinguishing four levels of social analysis, with special emphasis on the institutional environment and the institutions of governance. It then turns to some of the good ideas out of which the NIE works: the description of human actors, feasibility, firms as governance structures, and operationalization. Applications, including privatization, are briefly discussed. Its empirical successes, public policy applications, and other accomplishments notwithstanding, there is a vast amount of unfinished business.

Citation

Williamson, Oliver, E. 2000. "The New Institutional Economics: Taking Stock, Looking Ahead." Journal of Economic Literature 38 (3): 595–613. DOI: 10.1257/jel.38.3.595

JEL Classification

  • B52 Current Heterodox Approaches: Institutional; Evolutionary