Economic Analysis of Institutiions: A Practical Guide

Economic Analysis of Institutions provides a case studies-based took kit to help readers analyse institutional changes, reforms and efforts to improve governance in the nation. The author applies the concepts of new institutional economics to a number of real-world problems and public policy issues relevant for developing economies. Divided into two parts, the book provides a succinct summary of the relevant theoretical insights of new institutional economics in the first, and application of these insights to eight specific issues in the second. These issues cover a wide range of areas including environment and natural resources, higher education, international migration, agricultural research, reforming the institutional framework for provision of electricity and water, and so on. The author also highlights the existence of a strong positive correlation between the quality and performance of institutions on the one hand and development outcomes on the other. As a basis for successful institutions, the author advocates rational policies through social consensus in a democratic process.