063. Economic theories: New Institutional Economics

What this episode covers

New Institutional Economics studies how institutions—like laws, norms, and organizations—shape economic outcomes by reducing uncertainty and transaction costs. It highlights the importance of property rights, governance, and historical context in economic development. While influential in policy and development studies, it faces criticism for being hard to quantify and for sometimes overlooking issues like inequality and power dynamics.

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This episode is 4 minutes long.

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This episode was published on December 25, 2025.

What is this episode about?

New Institutional Economics studies how institutions—like laws, norms, and organizations—shape economic outcomes by reducing uncertainty and transaction costs. It highlights the importance of property rights, governance, and historical context in...

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