New institutional economics: it's nature, potential and the future

It is generally accepted that institutional problems have severely constrained development in many countries regardless of significant achievements in technology and other reforms. Both the Old and New Institutional Economics have relevance in understanding the lack of progress in many countries in Asia and Africa. Institutions generally refer to the "framework within which human interactions take place. Two major strands of NIE are the transaction costs and the collective action approach. The NIE implies that traditional rural institutions such as user groups, rotating credit and irrigation associations, interlinked credit etc. are institutions that have emerged in place of the market due to lower transactions costs. The successful management of common property resources such as water, forests, wetlands etc using local arrangements imply that institutions need to be interpreted in broader terms and the simple dichotomy of market or the government is too limited to understand the development process. New thinking is required in developing institutions that are structurally suited for management at the local level. Such an approach will have better chance to succeed compared to a process based upon the market.

Property development

Other new features in this edition include: Fully updated discussion points and reflective summaries Examples of contemporary best practice based on international case studies covering the UK, USA and Australia New chapters on ‘Property ...

Australia’s position on medicines policy in international forums: Intellectual property protection and public health

Universal access to affordable medicines, which are safe, efficacious and of high quality, and which are appropriately used, depends on national legislation that is in turn constrained by a range of international agreements. This regulatory configuration also affects the profitability of the pharmaceutical industry, domestic and international. Tensions and contradictions between industry profitability and public health objectives relate to access, innovation and regulation.