Institutions are the formal or informal 'rules of the game' that facilitate economic, social, and political interactions. These include such things as legal rules, property rights, constitutions, political structures, and norms and customs. The main theoretical insights from Austrian economics regarding private property rights and prices, entrepreneurship, and spontaneous order mechanisms play a key role in advancing institutional economics. The Austrian economics framework provides an understanding for which institutions matter for growth, how they matter, and how they emerge and can change over time. Specifically, Austrians have contributed significantly to the areas of institutional stickiness and informal institutions, self-governance and self-enforcing contracts, institutional entrepreneurship, and the political infrastructure for development.

Explains an Austrian economics view of institutions, understanding which institutions matter for growth, and how they emerge and change.

About the Author
Liya Palagashvili is an Assistant Professor of Economics at State University of New York, Purchase. Ennio Piano is a Ph.D. student in the Department of Economics at George Mason University, Virginia. David Skarbek is a Senior Lecturer in Political Economy in the Department of Political Economy at King's College London.


Book Information
ISBN 9781316649176
Author Liya Palagashvili
Format Paperback
Page Count 60
Imprint Cambridge University Press
Publisher Cambridge University Press
Weight(grams) 100g
Dimensions(mm) 230mm * 153mm * 3mm