Institutional Economics: Theory And Practice

This book offers a clear introduction to institutional economics, a field that studies how institutions—such as markets, governments, corporations, property systems, and labor structures—shape and control economic activity. It explains how these institutions influence key economic decisions about what is produced, how it is produced, and for whom it is produced. Across ten chapters, it combines theory, history, and real-world applications to explore topics like production, consumption, inequality, development, and value theory, while also examining the role of specific institutions in the modern economy. Designed for beginners, it serves as an accessible guide for understanding how institutional forces structure economic systems and outcomes.