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The analysis of how institutions are formed, how they operate and change, and how they influence behavior in society has become a major subject of inquiry in politics, sociology, and economics. A leader in applying game theory to the understanding of institutional analysis, Elinor Ostrom provides in this book a coherent method for undertaking the analysis of diverse economic, political, and social institutions. Understanding Institutional Diversity explains the Institutional Analysis and Development (IAD) framework, which enables a scholar to choose the most relevant level of interaction for a particular question. This framework examines the arena within which interactions occur, the rules employed by participants to order relationships, the attributes of a biophysical world that structures and is structured by interactions, and the attributes of a community in which a particular arena is placed. The book explains and illustrates how to use the IAD in the context of both field and experimental studies. Concentrating primarily on the rules aspect of the IAD framework, it provides empirical evidence about the diversity of rules, the calculation process used by participants in changing rules, and the design principles that characterize robust, self-organized resource governance institutions.

The analysis of how institutions are formed, how they operate and change, and how they influence behavior in society has become a major subject of inquiry in politics, sociology, and economics. A leader in applying game theory to the understanding of institutional analysis, Elinor Ostrom provides in this book a coherent method for undertaking the analysis of diverse economic, political, and social institutions. Understanding Institutional Diversity explains the Institutional Analysis and Development (IAD) framework, which enables a scholar to choose the most relevant level of interaction for a.

Diversity sustains an ecosystem when the environment changes, and a diversity of human institutions improves the ability of cultures to adapt to change and survive. Because it is not always clear which of several potential policies will be the optimal solution for a given situation, preserving a mix of policies often performs better than insisting on a single policy. The survival of Chinese civilization for millennia is a consequence of how this huge, economically vibrant nation perceives itself and its global role. To understand the dynamics of institutional diversity and their consequences during China's long history, it's helpful to understand the meaning of the Chinese lóng (dragon) symbol and its impacts on China's socioeconomic development. In contrast with evil western dragons, lóng symbolize harmony through the ability to incorporate a range of ideas, resulting in increased institutional diversity. This diversity has helped Chinese civilization survive many historical crises, and is now sustaining China's socioeconomic development by promoting a robust, resilient, adaptable, and harmonious system that encourages culture and trade. The acceptance and conservation of institutional diversity will undoubtedly continue to sustain China by encouraging peaceful exchanges among cultures that reduce conflict and by teaching new ways to handle evolving situations.

Diversity, or variety, is the essence of economic life in the sense of underlying choice; economic calculation gives numerical substance to how people make choices in their daily endeavours, either as consumers or entrepreneurs. How does variety/diversity takes shape in the realm of institutions and policy making? Is the range of choices open-ended? The last couple of decades have revealed an overwhelming offensive of the neo-liberal paradigm in terms of defining 'best practices'. Even language was shaped accordingly with market reforms being seen in a quasi-single theoretical and policy framework. Are we heading towards increasing uniformity with regard to institutional and policy set ups, worldwide? An affirmative answer would underline the successful market based transformation of a series of command economies. Some convergence between institutional patterns in the USA and the EU economies might be alluded to in the same vein. A supportive argument for this line of reasoning could be that what matters for individual achievement, in the end, are equal opportunities. But this argument can be turned around when debating the merits of various institutional set ups in terms of creating fair chances for people. A sceptical answer would highlight the mounting challenges which confront societies, whether rich and poor, and the international community in general - in spite of the high hopes of not long ago. The demise of the 'New Economy', the series of corporate scandals in wealthy economies and the subsequent recourse to new regulatory legislation, recurrent financial and currency crises throughout the world, the controversies surrounding the activity of IFIs, should compel 'ideologues', of all sorts, to be more humble in their prescriptions. This essay argues that there is substantial scope for institutional and policy diversity to operate as a means to foster economic development; that there might be a paradigmatic cycle in the dynamic of economic policies.