Commons considered the Scottish economist Henry Dunning Macleod to be the " originator " of Institutional economics.
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Today, Commons's contribution to labor history is considered equal to his contributions to the theory of institutional economics.
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1997 Douglass C . North-The Contribution of the New Institutional Economics to an Understanding of the Transition Problem
14.
It serves as a foundational text in corporate governance, corporate law ( company law ), and institutional economics.
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The equivalence theorem also is a springboard for Coase's primary achievement providing the pillars for the New Institutional Economics.
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Institutional economics focuses on learning, bounded rationality, and evolution ( rather than assume stable preferences, rationality and equilibrium ).
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He attended college on an ROTC scholarship and earned a doctorate in institutional economics at the University of Oklahoma.
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Among these, we have institutional economics, Marxian economics, feminist economics, socialist economics, binary economics, ecological economics, bioeconomics and thermoeconomics.
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In particular, the focus was on institutions that could enable a reduction of transaction costs called New Institutional Economics.
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With his biographical approach Abelshauser added a new method to the corpus of the school of New Institutional Economics.
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