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New-Institutional-Economics

New Institutional Economics

New Institutional Economics (NIE) is an economic framework that extends the traditional neoclassical theory by incorporating institutions as a central part of economic analysis. This approach emphasizes the role of institutions in shaping economic behavior, policy, and outcomes, thereby providing a more comprehensive understanding of economic activities.

History and Development

Core Concepts

Applications

NIE has been applied in various fields:

Criticism and Evolution

While NIE has broadened the scope of economic analysis, it has not been without criticism:

Sources:

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