Institutional Economics

Author: He Wei
Publisher:
Publish Date: 2003-08-01
Features: China's reform has been underway for over twenty years, and the achievements it has made are undeniable. Theoretically speaking, the reform process is actually a process of institutional change, which involves altering certain institutional arrangements within the existing system. In institutional change theory, there is specialized research within institutional economics. However, to truly understand institutional change, one must also be familiar with other theories in institutional economics. When it comes to institutional economics, it is not an abstract or overly complex discipline. Institutional economics aims to provide reasonable explanations for the behavior of individuals and organizations in the real world. Therefore, institutional economics examines people and organizations under various constraints. Of course, institutional economics places particular emphasis on rules, norms, or the role of institutions, believing that among all constraints, institutions are the most crucial. Institutional economics takes the origin of institutions, their functions, the outcomes they produce, and how institutions should be changed to achieve certain goals as its research themes. In contemporary economics, institutions are of paramount importance. The methodological innovations of institutional economics have provided a fresh perspective for analyzing and studying economic and social issues, enhancing the practical relevance and explanatory power of economic theory. This book primarily introduces new institutional economics while also covering the ideas of new and old institutionalism, as well as Marx's institutional economic thought. It helps students better grasp the research and analytical methods of economics, the basic theories and perspectives of institutional economics, and can be used to explain institutional changes during China's transition period. This book can serve as a textbook for undergraduate and graduate students in economics and management disciplines at universities and colleges, as well as an introductory read for the general public to understand institutional economics.