"The narrative of development economics is now infused with discussions of institutions. Economists debate whether institutions-or other factors altogether (geography, culture, or religion)-are central to development. In this volume, leading scholars in development economics view institutions from a microeconomic perspective, offering both theoretical overviews and empirical analyses spanning t…
A conceptual and analytical framework for understanding economic institutions and institutional change.Markets are one of the most salient institutions produced by humans, and economists have traditionally analyzed the workings of the market mechanism. Recently, however, economists and others have begun to appreciate the many institution-related events and phenomena that have a significant impa…