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Institutional Economics is the study of how institutions (broadly defined) evolve and help to shape economic growth. The course typically begins with a brief review of the basic rules of economics before using case studies to illustrate how institutions can impact the economy. The course also places a heavy emphasis on analysis, especially when it comes to evaluating the methodology employed by current scholarship. If you're having a hard time keeping up with your professor, Varsity Tutors can refer you to a certified Institutional Economics tutor who can help you pursue your academic goals.
Here are some of the concepts that you may review during Institutional Economics tutoring sessions:
- What Is an Institution?
- What Separates Rich and Poor Nations?
- Property Rights
- The Impact of Politics on the Economy
- Scholarship Analysis
Unlike most other disciplines, economists cannot recruit volunteer economies as guinea pigs for their experiments. This means that they must turn to history and analyze historic events within the context of an economic problem. In order for this methodology to work, researchers must first explain why their chosen case study is a good fit and then articulate any weaknesses in their approach as well as their conclusion. Recognizing a quality study is one of the most important skills a student can have, so you may spend a lot of time during Institutional Economics tutoring sessions practicing it.