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Introduction A note on theory Thráinn Eggertsson Empirical work in institutional economics Lee J. Alston 1. Towards an understanding of property rights Gary D. Libecap 2. Impediments to institutional change in the Soviet system Jan Winiecki 3. Transaction costs and economic development Andrew Stone, Brian Levy and Ricardo Paredes 4. The evolution of the modern institutions of growth Douglass C. North and Barry R. Weingast 5. Regulation in a dynamic setting Anne O. Krueger 6. Price controls, property rights and institutional change Steven N. S. Cheung 7. Regulating natural resources: the evolution of perverse property rights Robert Higgs 8. The politics of institutional change in a representative democracy William H. Riker and Itai Sened 9. The economics and politics of institutional change Lee J. Alston and Joseph P. Ferrie Epilogue: Economic performance through time Douglass C. North.