New Institutional Economics

Abstract

This entry in the Oxford Handbook of New Private Law describes the parallels and mutual dialog between New Institutional Economics (NIE) and New Private Law (NPL). It observes that both fields share more than the word 'new' in their titles. NPL and NIE share methodological orientations; they share scholarly priorities; they have influenced each other; and they offer parallel paths ahead. The fields also reinforce each other, as NIE focuses on problems governed by private law and, reciprocally, private law reflects the teachings of NIE. And both scholarly movements share common principles: both NPL and NIE exhibit the hallmarks of interdisciplinary, scholarly pluralism, and an inquisitive focus on real-world, tractable problems. The chapter concludes with some thoughts about the future of NPL, and in particular the lessons it can take from NIE’s successes.