As opposed to Old Institutional Economics whose representatives are Veblen, Commons, etc., New Institutional Economics is a research program aimed at addressing institutions from orthodox economic perspectives. It studies the nature, origin, and role of institutions in shaping economic reality. Nowadays it has been borrowing the techniques and insights from other disciplines and fields, including game theory, psychology, and behavior economics. That is my own response to your question.
As opposed to Old Institutional Economics whose representatives are Veblen, Commons, etc., New Institutional Economics is a research program aimed at addressing institutions from orthodox economic perspectives. It studies the nature, origin, and role of institutions in shaping economic reality. Nowadays it has been borrowing the techniques and insights from other disciplines and fields, including game theory, psychology, and behavior economics. That is my own response to your question.
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