In the late 1970s and through the 1980s there has been a remarkable expansion of research activities in the modern institutional economics. Not only is the quantity of new research and writing growing rapidly, but in addition modern institutional economics now has wide recognition as a distinct area of study. In light of these developments, it seems useful to take stock of the present position of the "new institutional economics," to consider some of its major accomplishments, and to offer a few ideas about future directions of study.
This volume provides such insights into current institutionalist thinking by drawing on representative articles published in the Journal of Institutional and Theoretical Economics from 1984 to 1990. After an introductory overview and critical assessment designed to orient newcomers to the field, the five sections of the book touch on the methodology of the new institutional economics, the modern theory of the firm, the new institutional approach to economic history, problems of political institutions, and formal approaches to institutional economics.
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