THE NEW INSTITUTIONAL ECONOMICS - MAIN THEORIES

Abstract

The aim of this arti cle is to show that the New Insti tuti onal Economics is an interdisciplinary stream combining economics, law, organizati on theory, politi cal sciences, sociology, and anthropology. The main theories which are part of the New Insti tuti onal Economics are: Agency Theory, Property Rights Theory and Transacti on Costs Theory. The basic assumpti ons of these theories are menti oned in this paper. This arti cle is an introducti on to the New Insti tuti onal Economics and its main theories. For this purpose, it presents a brief guide for those who are interested in the New Insti - tuti onal Economics. Finally, the arti cle is accompanied by a short review of examples of empirical studies connected with these theories.