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8 - New Institutional Economics

from Part I - Methods of Comparative Law

Published online by Cambridge University Press:  26 January 2024

Mathias Siems
Affiliation:
European University Institute, Florence
Po Jen Yap
Affiliation:
The University of Hong Kong
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Summary

This chapter explains how New Institutional Economics (NIE) presents an innovative, interdisciplinary approach for topics of comparative law. It discusses the core principles of NIE and how they relate to the principles of comparative law. New Institutional Economics is a natural partner to comparative law and is especially useful in the study of law in context. The chapter discusses the contribution that the combined approach of NIE and comparative law brings to the scholarship of law. NIE provides ‘institutions’ as an easily understandable tertium comparationis. The chapter concludes with a call to add NIE to the comparative law methodological toolbox as a strategy to develop a sound analytical framework through which to better understand and more aptly rationalise the divergences and convergences observed in the laws of different countries.

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Publisher: Cambridge University Press
Print publication year: 2024

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