ECON-4504 (3) The New Institutional Economics: Institutions, Contracts and Economic Outcomes

Understand the conceptual tool kit of the New Institutional Economics. The concepts include transaction costs, property rights, credible commitment, and most importantly the roles of formal and informal institutions. We will examine the impact of institutions on contracting and organizations. The goal is to understand how the underlying institutions determine the degree to which societies improve their economic performance. Requisites: Requires prerequisite courses of ECON 3070 and ECON 3080, and ECON 3818 or APPM 4520 or APPM 4570 or CHEN 3010 or CVEN 3227 or MATH 4520 (all minimum grade C-).