Best Institutional Economics
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1
Ronald Coase
Ronald Coase revolutionized the study of law and economics by introducing the concept of transaction costs. The 'Coase Theorem' posits that if property rights are well-defined and transaction costs ar...
8.8
Very Good
2
Douglass North
Douglass North's work on institutional economics emphasized the crucial role of institutions the rules of the game in shaping economic performance. He argued that secure property rights and effectiv...
7.0
Good
3
Elinor Ostrom
Elinor Ostrom challenged the conventional wisdom that common-pool resources must be either privatized or managed by the state to avoid the 'tragedy of the commons.' Through extensive field research, s...
6.8
Fair
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