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Institutional Economics

Course description:

The economic and mathematical aspects of  institutional  models of economics for the level of micro – and macro-economics are considered in this course. The objectives of the development of discipline "Institutional Economics" are mastering the basics of economic theory, the acquisition of skills in the use of its conceptual apparatus of the construction of various economic models that describe the dynamics of socio-economic systems and forecasting the development of the economy. It allows consider the course of spatial economy as interdisciplinary. In this course will be pay attention to the questions of application of the studied theoretical models and methods for the decision of the applied tasks for business and state administration.

Instructor:Verbus, Valeryj  A.

Credit points:4

Faculty: Faculty of Economics

Language: Russian

Level: Bachelor

Academic hours: 63


1.     Introductory. Institutional economics: A Brief Historical Overview

2.     Theory of Institutions.

3.     The property rights theory

4.     The theory of transaction costs

5.     Externalities and the Coase Theorem

6.     Alternative regimes of property

7.     Formation of the property rights

8.     Theory of the contracts

9.     Political institutions

10. Theory of the state Institutional change and the problems of transition economies



1.     Kuzminov Ya I, Bendukidze KA, MM Yudkevich "The course of institutional economics: institutions, networks, transaction costs, contracts", HSE: 2006.

2.      Shastitko AE "New Institutional Economics", Moscow: TEIS, 2010.

3.     Korneichuk BV "Institutional Economics", Gardarica, 2007

4.     Acemoglu D. «Introduction to Modern Economic Growth». Princeton University Press, 2009.

5.      Auzan AA "Institutional Economics. New Institutional Economics ", Infra-M, 2007.

6.     Yudkevich MM Podkolzina EA Ryabinina AY "Contract Theory: Models and Challenges", Moscow Higher School of Economics, 2002 .

7.      Shastitko AE "The new institutional economics", M. TEIS, 1999

8.      Oleinik AN "Institutional Economics", M. Infra-M, 2005

9.     North D. "Institutions, Institutional Change and Economic Performance", M.: Origins, 1997

10.  Williamson, O., "The Economic Institutions of Capitalism", St. Petersburg, 1996

11.  J. Mueller, "Public Choice Theory", 2001.

12.  Hindriks J., Myles G. «Intermediate Public Economics», 2004.

13.  Persson T., Tabellini G. «Political Economics: explaining economic policy». MIT Press, 2000.

14.  Avtonomov B.C. "Man in the Mirror of economic theory." Moscow: Nauka, 1993.

15.  Akerlof, G. [1970]. "The market for" lemons ": quality uncertainty and the market mechanism», Thesis,, № 5, 1994.

16.  Braudel F. [1973]. "Material civilization, economy and capitalism, XV-XVIIIvv." Moscow, 1988.

17.  Byukkenen J. "The limits of freedom: Nobel lectures in economics." New York: Taurus-Alpha, 1997.

18.  Veblen, T. [1899]. "The Theory of the Leisure Class." Moscow: Progress Publishers, 1984.

Academic Year
Instruction in English
ECTS credits
Delivered at:
Department of Economic Theory and Econometrics (Faculty of Economics)
Course type:
Compulsory course
3 year, 3, 4 module