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Define and Describe the Economic Thought of New Institutional Economics

question 16

Essay

Define and describe the economic thought of new institutional economics (NIE).


Definitions:

Internal Adaptation

The process of adjusting internal procedures, structures, or policies of an organization to better achieve its goals.

Operational Rules

These are specific guidelines or procedures designed to guide the operations of an organization or system effectively.

Official Rules

The set of formal regulations and guidelines that govern a particular activity, organization, or event.

Enforced

Implementation or execution of rules, regulations, or decisions in order to compel obedience or compliance.

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