New Institutional Economics: A Primer

New Institutional Economics: A Primer offers a clear, accessible introduction to the new institutional economics tradition, the study of how property rights, transaction costs, contracts, and organizations shape economic outcomes. Written by Dr. John M. Cobin, this primer explains how institutions, both formal rules and informal norms, reduce uncertainty and enable exchange, and why well-defined property rights and low transaction costs are essential to prosperity. Readers will learn core concepts such as the Coase theorem, transaction cost economics, and the economics of organizations, presented in plain language for students and general readers with an interest in markets, institutions, and economic development.