ABSTRACT
New institutional economics has been especially influential in development economics and economic history, has fostered new approaches in political science, legal studies, and management studies, and has had a profound impact on regulation, especially antitrust regulation. Through the pioneering work of Elinor Ostrom, institutional analysis has also fundamentally changed ideas about common pool problems and the circumstances under which communities or user groups manage common resources better than state or private alternatives. Coase’s ideas have been highly influential among younger scholars. NIE’s adherents formed the International Society for New Institutional Economics in 1997, which spread the Coasian concepts widely among younger researchers, while the Ronald Coase Institute, which fosters the study of institutions by assisting young scholars from around the world, numbers over 400 alumni of its workshops in institutional analysis.
