AbstractChang (2011) raises doubts about the effects of institutions on economic development and questions the positive effects of entirely free markets based on secure private property rights. We respond by stressing that institutions structure the incentives underlying individual action, secure private property rights are indispensable for prosperity, institutions have a first-order effect whereas policies only have a second-order effect, successful institutional change comes from within a society, and given the status quo of developing countries first-world institutions are likely not to be available to them.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal Journal of Institutional Economics.
Volume (Year): 7 (2011)
Issue (Month): 04 (December)
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Other versions of this item:
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
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