Investigating the Prospects of New Institutional Theory in the Smart Economy

The new institutional theory is a modern trend within the framework of the neoclassical school of economic theory, which arose on the basis of old institutionalism. The article examines one of the four assumptions of the new institutional theory: the efficiency of factor markets. In this assumption, the emphasis is placed on the financial capital market, although in the conditions of building a new economy or «knowledge economy», human capital is the most important factor of production and information capital is also important factor in the context of the growth of the digital economy.