Handbook of New Institutional Economics
New Institutional Economics (NIE) has skyrocketed in scope and influence over the last three decades. This first Handbook of NIE provides a unique and timely overview of recent developments and broad orientations. Contributions analyse the domain and pers
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Edited by
Claude Ménard and Mary M. Shirley
HANDBOOK OF NEW INSTITUTIONAL ECONOMICS
HANDBOOK OF NEW INSTITUTIONAL ECONOMICS
Edited by
CLAUDE MÉNARD University of Paris (Pantheon-Sorbonne), France and
MARY M. SHIRLEY The Ronald Coase Institute Chevy Chase, MD, U.S.A.
Claude Ménard Centre d'Economie de la Sorbonne (CES) Université de Paris (Panthéon-Sorbonne) 106 Bd de l'Hôpital 75647 Paris Cedex 13 FRANCE [email protected]
Mary M. Shirley President The Ronald Coase Institute 5610 Wisconsin Ave., Suite 1602 Chevy Chase, MD 20815 USA [email protected]
ISBN: 978-3-540-77660-4 Library of Congress Control Number: 2008921400 © 2008 Springer-Verlag Berlin Heidelberg
This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable for prosecution under the German Copyright Law. The use of registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover Design: WMX Design GmbH, Heidelberg, Germany Printed on acid-free paper 5 4 3 2 1 0 springer.com
Contents
Section I
1. 2. 3.
Section II
4.
5. 6. 7.
Contributors . . . . . . . . . . . . . . . . . . . . . .
ix
Acknowledgement . . . . . . . . . . . . . . . . . . .
xiii
Introduction Claude M´enard and Mary M. Shirley . . . . . . . . . . .
1
The Domain of New Institutional Economics Institutions and the Performance of Economies over Time Douglass C. North . . . . . . . . . . . . . . . . . . .
21
The Institutional Structure of Production Ronald H. Coase . . . . . . . . . . . . . . . . . . . .
31
Transaction Cost Economics Oliver E. Williamson . . . . . . . . . . . . . . . . . .
41
Political Institutions and the State Electoral Institutions and Political Competition: Coordination, Persuasion and Mobilization Gary W. Cox . . . . . . . . . . . . . . . . . . . . . .
69
Presidential versus Parliamentary Government John M. Carey . . . . . . . . . . . . . . . . . . . . .
91
Legislative Process and the Mirroring Principle Mathew D. McCubbins . . . . . . . . . . . . . . . . .
123
The Performance and Stability of Federalism: An Institutional Perspective Barry R. Weingast . . . . . . . . . . . . . . . . . . .
149
v
vi
Contents
Section III
8.
9. 10. 11.
Legal Institutions of a Market Economy The Many Legal Institutions that Support Contractual Commitments Gillian K. Hadfield . . . . . . . . . . . . . . . . . . .
175
Legal Systems as Frameworks for Market Exchanges Paul H. Rubin . . . . . . . . . . . . .
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