Continuation
(iv) Institutional
Economics
Institutional economics is an economic perspective that
attempts to extend economics by focusing on the:
·
social;
·
and legal
norm and rules that underly economic activity.
In the economic activities
o law;
o and economics
(especially finance)
are inter-related.
Law is argued as set of contracts.
These contracts are defined, and made more or less effective
by:
§ legal rights;
§ and enforcement
mechanisms.
Used from paper of Abdul Ghafar
Ismail and Noraziah Che Arshad
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