Neo-Institutionalist Economics is a school of developmental thinking that purports to explain the history, existence, and functions of a wide range of institutions (whether government, the law, markets, the family, and so on) according to the assumptions of the neo-liberal economic theory. In that sense, neo-institutionalism represents a variant of the neo-liberal orthodoxy that is ascendant within governments, international development agencies, policy think tanks, and increasingly large section of the social science community.
Famous quotes containing the word economics:
“There is no such thing as a free lunch.”
—Anonymous.
An axiom from economics popular in the 1960s, the words have no known source, though have been dated to the 1840s, when they were used in saloons where snacks were offered to customers. Ascribed to an Italian immigrant outside Grand Central Station, New York, in Alistair Cooke’s America (epilogue, 1973)