New Institutional Economics
Listed in: Economics, as ECON-79
Christopher G. Kingston (Section 01)
All economic activity is embedded in a framework of institutions including both formal laws and contracts, and informal norms and conventions. Institutions constrain individual behavior and thereby affect resource allocation, income distribution, learning, and economic growth. This course introduces recent approaches to the study of institutions in economics and political science. Particular emphasis will be placed on recent applications to economic history and development, and to theories of institutional stability and change. Requisite: Economics 73. Admission with consent of the instructor. Second semester. Professor Kingston.