The New Institutional Economics: The Perspective of Douglass North
In the most complete statement of his position, new institutional economist, Douglass North, who sees the problem or question of cooperation more clearly as central, tells us that we must look to two aspects of human behavior to get at the deficiencies of rational choice (wealth maximizing self-interested) theory as it relates to institutional economics. These aspects are motivation and deciphering the environment (1990: 20).
KeywordsIndividual Member Institutional Economic Opportunistic Behavior Bounded Rationality Behavioral Tension
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