Institutional Economics

Institutional economics is a branch of economics that studies the role of institutions and their evolution in shaping economic behaviour in a particular society. Institutional economics views markets and study market trends as a result of the complex interaction of the various institutions such as individuals, firms, estates and social norms. The study of Institutional economics covers mainly some other sub-fields of economics mainly Law and economics and Behavioural economics.

New Institutional Economics

New Institutional Economics (NIE) is an attempt to integrate institutionalism into more recent developments in mainstream economics such as new developments in the economic theory of organizations, information, property rights, and transaction costs. It is an endeavour that attempts to extend and expand the scope of economics by focusing more on the social and legal norms underlying economic activity.