Economic Analysis of Institutions and Systems

The purpose of this text is to redirect study of what are called comparative economic systems toward analysis of the development of institutions and the effects of alternative institutional arrangements on economic performance. To that end, the book internalizes into a theoretical framework looking at: the effects of alternative property rights on the costs of transactions and incentives structures; the effects of the costs of transactions and incentives on economic behaviour; and the evidence for refutable implications of those effects.