INSTRUMENTE ŞI CONCEPTE ALE ECONOMIEI NEOINSTITUŢIONALE
CONCEPTS AND INSTRUMENTS OF NEOINSTITUTIONAL ECONOMY

Summary/Abstract: Both Old Institutionalism and New Institutionalism offered a profound vision of the economic reality that, once attained, offers countless benefits. Although there are numerous concepts and instruments specific to Neoinstitutional Economics, this paper covers only a fraction of them: Rational Choice Model, Wealth Maximization, Transactional Costs, Inefficient Institutions and Path Dependence. Transactional costs, the institution, property rights are just some of the many elements that make up the institutional framework, one that is thought-provoking and in accordance to the economic realities. Once the vision is understood it is hard to look from other points of view because we cannot concede to explain economic realities without their analysis.

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