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Introduction to institutional analysis. Role of institutions in the economy
New Institutional Economics and mainstream economic theory. Traditional institutional economics. Veblen, Commons. Evolutionary economics.
Property rights and their significance for the economy. The Coase Theorem.
Contract theory.
Agency theory.
The concept of transaction and transaction costs. Classification of transaction costs. Use of transaction costs analysis.
The nature of the firm - institutional approach. Corporate governance as an institutional variable.
Law, financial systems, corporate governance and economic growth.
Institutions and economic growth. Path dependence.
Institutional change. The role of human behaviour. Belief system and cognitive science.
Institutional change - example of the European integration process.
Evolution of institutions: North, Aoki.
Post-socialist transition as a special case of institutional change.
Institutional analysis based on country example from the region of Eastern and Central Europe.
Summing up.
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