Economicinstitutional
Economic-institutional is an approach in economics and social science that emphasizes how formal institutions (laws, property rights, contracts, regulatory bodies) and informal institutions (customs, norms, networks) shape economic behavior and outcomes. It treats institutions as endogenous elements that influence efficiency, distribution, and growth.
Spanning old institutionalism and the New Institutional Economics, it analyzes how transaction costs, asset specificity, governance
Key concepts include property rights, contract enforcement, and transaction costs; path dependence and cultural norms; institutional
Methodology combines historical analysis, comparative case studies, and quantitative indicators of institutions, and it informs policy
Critiques concern measurement challenges, endogeneity, and the risk of overstating institutional determinants relative to technology, natural
See also: institutional economics, new institutional economics, property rights, transaction cost economics.