Divided into two parts, the book provides a succinct summary of the relevant theoretical insights of new institutional economics in the first, and application of these insights to eight specific issues in the second. These issues cover a wide range of areas including environment and natural resources, higher education, international migration, agricultural research, reforming the institutional framework for provision of electricity and water, and so on.
The author also highlights the existence of a strong positive correlation between the quality and performance of institutions on the one hand and development outcomes on the other. As a basis for successful institutions, the author advocates rational policies through social consensus in a democratic process.
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