Transfers, contracts and regulation: a new institutional economics perspective on the changing provision of social housing in Britain

Social housing policy in the UK mirrors wider processes Associated with shifts in broad welfare regimes. Social housing has moved from dominance by state housing provision to the funding of new investment through voluntary sector housing associations to what is now a greater focus on the regulation and private financing of these not-for-profit bodies. If these trends run their course, we are likely to see a range of not-for-profit bodies providing non-market housing in a highly regulated quasi-market. This paper examines these issues through the lens of new institutional economics, which it is believed can provide important insights into the fundamental contractual and regulatory relationships that are coming to dominate social housing from the perspective of the key actors in the sector (not-for-profit housing organisations, their tenants, private lenders and the regulatory state). The paper draws on evidence recently collected from a study evaluating more than 100 stock transfer organisations that inherited ex-public housing in Scotland, including 12 detailed case studies. The paper concludes that social housing stakeholders need to be aware of the risks (and their management) faced across the sector and that the state needs to have clear objectives for social housing and coherent policy instruments to achieve those ends.

Analysis of the potential and problems of new institutional economics for third world development

Purpose – The aim of this paper is to provide a critical evaluation of the potential of new institutional economics (NIE) in third world development.

Design/methodology/approach – The paper reviews various theories under NIE from both conceptual and empirical perspectives. It then reviews the various definitions of institutions and show that institutions are essential to overcome problems of information and uncertainty.

Findings – The review finds that weak institutions can undermine development and hence governments in developing countries should strengthen their institutions to provide greater scope for efficient functioning of markets. Where the market does not work owing to high transactions costs, traditional institutions of collective action and group decision making can work and hence need to be recognised.

Research limitations/implications – The major implications of the paper is that in developing countries, a clear understanding of various institutions such as user groups, inter-linked credit markets, rotational irrigation etc. is needed before they are replaced or modified by other institutions. The main limitations of NIE are that there can be capture by elites of various institutional innovations in rural areas, and that it does not explicitly consider income distribution and uncertainty which are glossed over and hence remain areas for future research.

Originality/value – This paper critically reviews the various institutional environments that developing countries face in addressing development issues.

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.

Institutional economics approach to irrigation management with special reference to developing countries

Neoclassical economics has failed to address irrigation management issues in developing countries successfully. Institutions are at the heart some of these failures. Many academics in various disciplines in the social sciences now emphasize the need to pay attention to the multitude of informal institutions such as rotational irrigation in developing countries and not to treat them as irrelevant for development. Water user associations have been initiated for irrigation management in many countries. These have shown much promise although many problems still constrain the full adoption of this institutional mode. Water pricing is still at its infancy and significant problems remain in the use of the market system for improved management of irrigation water.

A szovjetológiától az új intézményi közgazdaságtanig - töprengések két évtized távlatából = From Sovietology to the new institutional economics - meditations from a distance of two decades

A következőkben arra teszünk kísérletet, hogy összegezzük a közép- és a kelet-európai rendszerváltozások és az ezt tanulmányozók fordulatos történetét az elmúlt két évtizedben. Bemutatjuk, hogy a közgazdaságtan egy kevéssé fejlett ága miképp szembesült a tudományág egésze szempontjából is talán legnehezebb értelmezési és alkalmazási kérdéseket fölvető történelmi folyamattal. Megpróbáljuk feloldani azt a rejtvényt, hogy a főáramú megközelítés megismerése és alkalmazása miért nem hozott átütő eredményt sem a térség gazdaságainak, sem magának a tudományszaknak. Megvizsgáljuk a fokozatosság és a reformok kritikus tömege viszonyát. Végül kísérletet teszünk arra, hogy e sajátos szakterület elemzéséből adódó, tartósnak bizonyuló tételeket beépítsük a fenntartható fejlődés szélesebben értelmezett, immár főáramú megközelítéseibe. ___________ The article attempts to give an account of the changes of system in Central and Eastern Europe and of those who studied them in the last two decades. It shows how a less devel-oped branch of economics faced a historical process that posed possibly the most difficult questions of interpretation and application for the whole discipline. An attempt is made to discover why recognition and application of the mainstream approach failed to bring resounding success for the economies of the region or for economics itself. The author examines the relation between continuity and the critical weight of reforms. Finally, an attempt is made to advance durable propositions based on analysis of this specific field through now mainstream approaches in terms of sustainable development.

Media Economics

A concise introduction to the key ideas and issues in the study of media economics, drawing on a broad range of case studies - from Amazon and Twitter, to Apple and Netflix - to illustrate how economic paradigms are not just theories, but provide important practical insights into how the media operates today. Understanding the economic paradigms at work in media industries and markets is vitally important for the analysis of the media system as a whole. The changing dynamics of media production, distribution and consumption are stretching the capacity of established economic paradigms. In addition to succinct accounts of neo-classical and critical political economics, the text offers fresh perspectives for understanding media drawn from two 'heterodox' approaches: institutional economics and evolutionary economics. Applying these paradigms to vital topics and case studies, Media Economics stresses the value – and limits – of contending economic approaches in understanding how the media operates today. It is essential reading for all students of Media and Communication Studies, and also those from Economics, Policy Studies, Business Studies and Marketing backgrounds who are studying the media. Table of Contents: 1. Media Economics: The Mainstream Approach 2. Critical Political Economy of the Media 3. Institutional Economics 4. Evolutionary Economics 5. Case Studies and Conclusions