New Institutional Economics
With the new developments in the economic theory of organizations, information, property rights, and transaction costs, an attempt was made to integrate institutionalism into more recent developments in mainstream economics, under the title new institutional economics..
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Famous quotes containing the word economics:
“The animals that depend on instinct have an inherent knowledge of the laws of economics and of how to apply them; Man, with his powers of reason, has reduced economics to the level of a farce which is at once funnier and more tragic than Tobacco Road.”
—James Thurber (1894–1961)