JEB022 - Institutional Economics

Credit: 5
Status: Bachelors - All
Bachelors - elective
BEF - elective
English
Semester - winter
Course supervisors: PhDr. Jiří Schwarz Ph.D.
Course homepage: JEB022
Literature: Buchanan, James M. 1982. Order Defined in the Process of its Emergence.

*Coase, R. H. 1998. The New Institutional Economics. The American Economic Review 88, No. 2, Papers and Proceedings of the Hundred and Tenth Annual Meeting of the American Economic Association (May, 1998), pp. 72-74.

Coase, R. H. 1974. The Lighthouse in Economics. Journal of Law and Economics 17, no. 2 (October 1): 357-376.

*Barnett, W., & Block, W. 2007. Coase and Van Zandt on Lighthouses. Public Finance Review 35(6), 710–733. doi:10.1177/1091142107302182

Coase, R. H. 1960. The Problem of Social Cost. Journal of Law and Economics 3 (October 1): 1-44.

*Meiners, Roger E. and Bruce Yandle. 1998. Common Law Environmentlaism. Public Choice 94(1-2): 49-66.

Hayek, F. A. 1945. The Use of Knowledge in Society. The American Economic Review 35, no. 4: 519-530.

*Akerlof, George A. 1970. The Market for ‘Lemons’: Quality Uncertainty and the Market Mechanism. The Quarterly Journal of Economics 84 (3): 488–500. doi:10.2307/1879431.

*Leeson, Peter. 2012. Ordeals. Journal of Law and Economics 55(3): 691-714.

North, Douglass C. 1991. Institutions. The Journal of Economic Perspectives 5, no. 1 (January 1): 97-112.

*Aoki, Masahiko. 2001. Toward a comparative institutional analysis. Part of part 1.

Leeson, Peter. 2007. An-arrgh-chy: The Law and Economics of Pirate Organization. Journal of Political Economy 115(6): 1049-1094.

Benson, Bruce L. 1984. Rent Seeking from a Property Rights Perspective. Southern Economic Journal 51, no. 2 (October 1): 388-400. doi:10.2307/1057819.

*Zahedieh, Nuala. 2010. Regulation, rent-seeking, and the Glorious Revolution in the English Atlantic economy. The Economic History Review 63, no. 4: 865–890. doi: 10.1111/j.1468-0289.2009.00505.x

Hall, Joshua C., Russell S. Sobel, and George R. Crowley. 2010. Institutions, Capital, and Growth. Southern Economic Journal 77, No. 2, pp. 385-405.

*Wolfers, Justin, Daniel W. Sacks, and Betsey Stevenson. 2013. The New Stylized Facts About Income and Subjective Well-Being. CAMA Working Paper 03/2013.

*McCloskey, Deirdre. 2006. The Bourgeois Virtues: Part 1 - Apology.

*Pejovich, Svetozar. 1999. The Effects of the Interaction of Formal and Informal Institutions on Social Stability and Economic Development. Journal of Markets & Morality 2, no. 2, pp. 164-181.

Dutta, Nabamita, Peter T. Leeson, and Claudia R. Williamson. 2013. The Amplification Effect: Foreign Aid’s Impact on Political Institutions. Kyklos 66(2): 208-228.

*Liebowitz, Stan J., and Stephen E. Margolis. 2000. Path Dependence. In Bouckaert, Boudewijn and De Geest, Gerrit (eds.), Encyclopedia of Law and Economics, Volume I. The History and Methodology of Law and Economics, Cheltenham, Edward Elgar.

Du, Julan, Lu, Yi, and Tao, Zhigang. 2012. Contracting institutions and vertical integration: Evidence from China’s manufacturing firms. Journal of Comparative Economics 40 (1), pp. 89–107.

* optional readings
Description: This course presents wide-ranging and growing literature on the economics of institutions (and organizations), with an emphasis on applications and evidence. We begin with the methods and fundamental concepts upon which the new institutional economics builds. Then we turn to a study of the institutional environment, the constraints that guide individuals' behavior. We investigate how institutions change and how are they shaped by the individuals and firms themselves.

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