Institutional economics

Definition of Institutional economics

The core of Institutional economics is to comprehend the role of the revolutionary process and the aspects of institutions that play a vital part in shaping economic behavior. The study put emphasize over the broad study of institutions and market views, result of the complex intercommunication among these various institutions, for example, individuals, states, firms, social norms.

Books on Institutional Economics

Book 1:

International Economics: Global Markets and Competition By Henry Thompson (published by World Scientific, 2011)

Book 2:

International economics I.: The pure theory of international trade By Giancarlo Gandolfo (published by Springer Science & Business Media, 1994)

How Institutional Economics works?

There are several examples of institutional economics, for example,

• In the area of property laws, examples go like this Land tenure, inheritance law, intellectual property rights: patents and copyright.

• In the genre of reciprocracy, weights, measures, standard contract law: dispute arbitration public information on markets.

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