a modern survey of the Austrian contribution to the economic analysis of institutions /
First Statement of Responsibility
Liya Palagashvili (State University of New York, Purchase), Ennio Piano (George Mason University, Virginia), David Skarbek (King's College London).
.PUBLICATION, DISTRIBUTION, ETC
Place of Publication, Distribution, etc.
Cambridge, United Kingdom :
Name of Publisher, Distributor, etc.
Cambridge University Press,
Date of Publication, Distribution, etc.
2017.
PHYSICAL DESCRIPTION
Specific Material Designation and Extent of Item
1 online resource (50 pages)
SERIES
Series Title
Austrian Economics,
Series Title
Cambridge Elements
ISSN of Series
2399-651X
INTERNAL BIBLIOGRAPHIES/INDEXES NOTE
Text of Note
Includes bibliographical references.
SUMMARY OR ABSTRACT
Text of Note
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.