Institutional Economics: Property, Competition, Policies, 2nd Edition

Co-authored with Wolfgang Kasper and Manfred E. Streit

Cheltenham, UK: Edward Elgar Publishing, 2012






This thoroughly revised, extended and updated edition of a critically acclaimed textbook provides an accessible and cohesive introduction to the burgeoning discipline of institutional economics. Requiring only a basic understanding of economics, this lucid and well-written text will be essential reading for undergraduate and postgraduate students wanting to understand the problems of the real world – such as entrepreneurship, innovation, the cost of the welfare state, international financial crises, and economic development. As institutional economics is now revolutionising policy making, the book can also serve as a guide to the pressing problems facing policy makers in mature and emergent countries alike.

‘The first edition of this book, published in 1999, has deeply influenced my thinking on some of the most complex economic questions of our time, and this revised and updated edition, released [in 2012], is already proving to be at least as intellectually engaging. Should economic thought continue its trajectory away from the excessively simplistic foundations of modern neoclassical economics, there will be little doubt that books such as Institutional Economics will be shown to have played a significant role in the revitalisation of economics.’ 


– Julie Novak, Institute of Public Affairs Review