Institutional Economics: Theory and Practice

by James I. Sturgeon

Institutions are the controlling force at the center of any economy. They organize and control all economic activity from markets to producers, consumers to governments, and more. Institutions determine how fundamental economic questions such as, what, how, and for whom, are answered. Thus, scientific analysis of economic activity requires a deep and systematic understanding of institutions.

This much-needed text provides students with a comprehensive introduction to the increasingly influential field of Institutional economics. Across its ten chapters, it unpacks the history, theory, applications, policies, and methods of Institutional economics, carefully blending theoretical, conceptual and empirical elements that together illuminate the complexity of the modern economy.  Topics covered include production, consumption, class and distribution, development, value theory, and specific institutions including the corporation, property, labor, and government. Each chapter concludes with selected questions or issues posed as a basis for class discussion and further research.

Written in a lively and accessible style for students new to the topic, this book is set to become the go-to resource for classes on institutional economics across the world.

Genres: Economics

256 pages, Paperback

Published June 25, 2025

Reviews

[Felipe Villasuso Lago · Rating 5 out of 5]

Institutional adjustment is key in the fast growing economy with geopolitical developments and AI race. The books sets out an important framework for assessment how society can manage current challenges and assess particular local culture, knowledge and practices that should be considered in such adjustment and what alternatives or regulation are available