INSTRUMENTE SI CONCEPTE ALE ECONOMIEI NEOINSTITUTIONALE

Abstract

Both Old Institutionalism and New Institutionalism offered a profound vision of theeconomic reality that, once attained, offers countless benefits. Although there are numerousconcepts and instruments specific to Neoinstitutional Economics, this paper covers only afraction of them: Rational Choice Model, Wealth Maximization, Transactional Costs,Inefficient Institutions and Path Dependence. Transactional costs, the institution, propertyrights are just some of the many elements that make up the institutional framework, onethat is thought-provoking and in accordance to the economic realities. Once the vision isunderstood it is hard to look from other points of view because we cannot concede toexplain economic realities without their analysis.

Keywords

• institutions
• rational choice model
• wealth maximization
• transactional costs
• path dependence