New institutional economics

New institutional economics is a field of economics that looks at how people act in a society and try to understand why people make the choices they do. For example, a new institutional economist might study why people decide to start a business or why businesses decide to expand. By learning more about the motivations behind people's decisions, new institutional economists hope to be able to predict future market trends and provide advice to businesses on how to make the most of their businesses. Another example is understanding why countries have different laws and regulations and how those laws can help or hinder economic growth. Basically, new institutional economics tries to analyze how people make decisions by understanding the rules and regulations that shape their decisions.