Institutional economics and economic organisation theory: An integrated approach

This publication presents one of the first attempts to integrate two emerging bodies of economic research: institutional economics and organizational theory. It begins within the framework of neoclassical economics, and then extends the boundaries of this framework to offer answers to questions that have so far remained puzzles in neoclassical economics. The integrated approach of this publication also challenges the dominant paradigm in economics over the last 15 years that views the market as the best mechanism for carrying out transactions. The market is not the only transaction mechanism; other modes of organization are also important. However, this way of thinking does not involve a simple reintroduction of the confrontation between the 'government' and the 'market'. On the contrary, the integrated approach tries to open the 'blackbox' of the role of institutions in daily life and the diversity of modes of organization. Through this integrated approach, the book hopes to contribute to a better insight to real world problems