"The Causes of Institutional Inefficiency: A Development Perspective", in Brousseau, E., and Glachant, J-M. (Eds), 2008, New Institutional Economics -A Guidebook, Cambridge University Press, Cambridge, pp. 443-462.

Research output: Contribution in Book/Catalog/Report/Conference proceedingChapter

Abstract

The purpose of this contribution is to probe into the issue of inefficient institutions. Towards that end, we look at the different strands that form the so-called New Institutional Economics (NIE), and raise the question for each of them as to whether institutions can be inefficient and, if yes, for what reasons. Four economic approaches are reviewed which regard and depict institutions as the outcome of individual interactions. These are the transaction-cost approach, the principal-agent approach, the equilibrium-of-the-game approach, and the evolutionary approach.
Original languageEnglish
Title of host publicationNew Institutional Economics
Subtitle of host publicationA Guidebook
EditorsE Brousseau
Place of PublicationCambridge
PublisherCambridge University Press
Pages443-462
Number of pages20
Publication statusUnpublished - 2008

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