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Since then, there has been heated debate on the role of law (a formal institution) on economic growth. [6] Behavioral economics is another hallmark of institutional economics based on what is known about psychology and cognitive science, rather than simple assumptions of economic behavior.
Advanced Placement (AP) Psychology (also known as AP Psych) and its corresponding exam are part of the College Board's Advanced Placement Program.This course is tailored for students interested in the field of psychology and as an opportunity to earn Advanced Placement credit or exemption from a college-level psychology course.
Economic specialization, the separation of tasks within an economy; Flexible Specialization (Post-Fordism), a name given to the dominant system of economic production, consumption and associated socio-economic phenomena, in most industrialized countries since the late 20th century; Network governance, also known as Flexible Specialization
Institutions and economic development In the context of institutions and how they are formed, North suggests that institutions ultimately work to provide social structure in society and to incentivize individuals who abide by this structure. North explains that there is in fact a difference between institutions and organizations and that ...
Institutional analysis is the part of the social sciences that studies how institutions—i.e., structures and mechanisms of social order and cooperation governing the behavior of two or more individuals—behave and function according to both empirical rules (informal rules-in-use and norms) and also theoretical rules (formal rules and law).
Behavioral economics is the study of the psychological (e.g. cognitive, behavioral, affective, social) factors involved in the decisions of individuals or institutions, and how these decisions deviate from those implied by traditional economic theory.
Jean-Jacques Rousseau, Discours sur l'oeconomie politique, 1758. Political economy is a branch of political science and economics studying economic systems (e.g. markets and national economies) and their governance by political systems (e.g. law, institutions, and government).
Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...