new institutional economics
E455288
New institutional economics is a school of economic thought that extends neoclassical economics by emphasizing the role of institutions, transaction costs, and property rights in shaping economic behavior and outcomes.
All labels observed (1)
| Label | Occurrences |
|---|---|
| new institutional economics canonical | 1 |
How this entity was disambiguated
This entity first appeared as the object of triple T4587079 — resolving that mention is where its identity was fixed. The disambiguator weighed these candidate entities and picked the highlighted one (or “None”, minting a new entity). This is how homonymy is resolved: the same surface form can point to different entities.
NED1
Entity disambiguation (via context triple)
gpt-5-mini-2025-08-07
Target entity: new institutional economics Context triple: [Ronald Coase, influenced, new institutional economics]
-
A.
neoclassical economics
Neoclassical economics is a dominant school of economic thought that explains prices, output, and income distribution primarily through marginal analysis, individual rational choice, and market equilibrium.
-
B.
behavioral theory of the firm
The behavioral theory of the firm is an organizational and economic framework that explains how companies actually make decisions based on bounded rationality, routines, and internal politics rather than purely profit-maximizing optimization.
-
C.
law and economics movement
The law and economics movement is an intellectual approach to legal theory that applies economic principles and methods—especially those associated with the Chicago School—to analyze and shape laws, legal institutions, and judicial decisions.
-
D.
Austrian market process approach
The Austrian market process approach is an economic framework emphasizing entrepreneurial discovery, dynamic competition, and the role of dispersed knowledge in driving market coordination and change.
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E.
The Theory of Industrial Organization
The Theory of Industrial Organization is a foundational economics textbook by Jean Tirole that systematically develops modern industrial organization theory using game-theoretic tools.
- F. None of above. chosen
- G. Unsure - the case is ambiguous/there is not enough information to decide.
NED2
Entity disambiguation (via description)
gpt-5-mini-2025-08-07
Target entity: new institutional economics Target entity description: New institutional economics is a school of economic thought that extends neoclassical economics by emphasizing the role of institutions, transaction costs, and property rights in shaping economic behavior and outcomes.
-
A.
neoclassical economics
Neoclassical economics is a dominant school of economic thought that explains prices, output, and income distribution primarily through marginal analysis, individual rational choice, and market equilibrium.
-
B.
behavioral theory of the firm
The behavioral theory of the firm is an organizational and economic framework that explains how companies actually make decisions based on bounded rationality, routines, and internal politics rather than purely profit-maximizing optimization.
-
C.
law and economics movement
The law and economics movement is an intellectual approach to legal theory that applies economic principles and methods—especially those associated with the Chicago School—to analyze and shape laws, legal institutions, and judicial decisions.
-
D.
Austrian market process approach
The Austrian market process approach is an economic framework emphasizing entrepreneurial discovery, dynamic competition, and the role of dispersed knowledge in driving market coordination and change.
-
E.
The Theory of Industrial Organization
The Theory of Industrial Organization is a foundational economics textbook by Jean Tirole that systematically develops modern industrial organization theory using game-theoretic tools.
- F. None of above. chosen
Statements (51)
| Predicate | Object |
|---|---|
| instanceOf |
branch of economics
ⓘ
institutional economics ⓘ school of economic thought ⓘ |
| analyzes |
contracts
ⓘ
economic history through institutions ⓘ firms as governance structures ⓘ markets as institutions ⓘ organizational forms ⓘ regulation ⓘ states as institutions ⓘ |
| appliedIn |
development economics
ⓘ
economic history ⓘ industrial organization ⓘ organizational economics ⓘ political economy ⓘ |
| associatedWith |
Armen A. Alchian
NERFINISHED
ⓘ
Claude Ménard NERFINISHED ⓘ Douglass C. North NERFINISHED ⓘ Elinor Ostrom NERFINISHED ⓘ Harold Demsetz NERFINISHED ⓘ Oliver E. Williamson NERFINISHED ⓘ Ronald Coase NERFINISHED ⓘ Yoram Barzel NERFINISHED ⓘ |
| buildsOn |
Coase theorem
NERFINISHED
ⓘ
agency theory ⓘ game theory ⓘ law and economics ⓘ property rights theory ⓘ public choice theory ⓘ transaction cost economics ⓘ |
| contrastsWith | old institutional economics ⓘ |
| distinguishes |
formal institutions
ⓘ
informal institutions ⓘ |
| emerged | 1960s ⓘ |
| emphasizes |
institutions
ⓘ
property rights ⓘ transaction costs ⓘ |
| extends | neoclassical economics ⓘ |
| focusesOn |
comparative institutional analysis
ⓘ
contract enforcement ⓘ governance structures ⓘ incomplete contracts ⓘ information asymmetries ⓘ principal–agent problems ⓘ role of institutions in economic performance ⓘ transaction cost minimization ⓘ |
| gainedProminence | 1970s ⓘ |
| influenced |
governance of the firm literature
ⓘ
policy debates on institutions and growth ⓘ theories of economic development ⓘ |
| views | institutions as rules of the game ⓘ |
How these facts were elicited
The pipeline generated the facts above by prompting gpt-5.1 with this entity's name + description and the instruction below.
Instruction
You are a knowledge base construction expert. Given a subject entity and a description of it, return factual statements that you know for the subject as a JSON list of dictionaries(triples), where keys must be "subject", "predicate" and "object". The number of facts may be very high, between 25 to 50 or more, for very popular subjects. For less popular subjects, the number of facts can be very low, like 5 or 10. # Requirements - If you don't know the subject at all, return an empty list. - If the subject is not a named entity, return an empty list. - Include at least one triple where predicate is "instanceOf". - Do not get too wordy. - Separate several objects into multiple triples with one object.
Input
Subject: new institutional economics Description of subject: New institutional economics is a school of economic thought that extends neoclassical economics by emphasizing the role of institutions, transaction costs, and property rights in shaping economic behavior and outcomes.
Referenced by (1)
Full triples — surface form annotated when it differs from this entity's canonical label.