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the ability to keep the costs of trade transactions as low as possible so the value creation from these transactions is optimized") from the viewpoint of transaction cost economics and new institutional economics, which are respectively concerned with the organization of production and with the governance of the firm.
In a world hungry for policy analysts to overcome their state-centric and state-phobic extremes in the choice of policy instruments, the chapter could be strengthened considerably by briefly setting out the conceptual basis of new institutional economics.
So, Bioeconomics is about change and innovation based on revolutionary ideas in a dynamic and globalized world: New Institutional Economics.
In this it is part of a wider movement, known as the new institutional economics (NIE) that has grown out of the rediscovery of institutions (see Menard and Shirley 2005).
Coyle argues that modern economists do not have a doctrinaire commitment to neoclassical orthodoxy; and that they are engaged in all sorts of challenging innovations--in behavioural economics, experimental economics, new institutional economics, endogenous growth theory and game theory, for example.
A familiarity with the new institutional economics is necessary as well as a challenging level of mathematics and econometrics.
In fact, North's ideas have inspired the development of a new subfield of economics known as New Institutional Economics.
MOTIVATION Incentives are one mechanism for the maximisation of utility of cooperations considering the New Institutional Economics (Furubotn & Richter, 2005).