Wednesday, January 2, 2013

Coase: Are Economists Becoming Irrelevant?

Coase: Are Economists Becoming Irrelevant?

"Coase is a guiding force behind the New Institutional Economics.  NIE is an interdisciplinary enterprise combining economics, law, organization theory, political science, sociology and anthropology to understand the institutions of social, political and commercial life. It borrows from various social-science disciplines, but its primary language is economics. NIE’s goal is to explain what institutions are, how they arise, what purposes they serve, how they change and how – if at all – they should be reformed. In addition to Coase, Oliver E. Williamson, Elinor Ostrom and Douglass North are founding members."