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Institutions first

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  • BOETTKE, PETER
  • FINK, ALEXANDER

Abstract

Chang (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.

(This abstract was borrowed from another version of this item.)

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Bibliographic Info

Article provided by Cambridge University Press in its journal Journal of Institutional Economics.

Volume (Year): 7 (2011)
Issue (Month): 04 (December)
Pages: 499-504

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Handle: RePEc:cup:jinsec:v:7:y:2011:i:04:p:499-504_00

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Cited by:
  1. Iizuka, Michiko & Katz, Jorge, 2012. "Globalization and the changing institution for sustainability: The case of the Salmon farming industry in Chile," UNU-MERIT Working Paper Series 063, United Nations University, Maastricht Economic and social Research and training centre on Innovation and Technology.
  2. Paul Lewis, 2005. "Structure, agency and causality in post-revival Austrian economics: tensions and resolutions," Review of Political Economy, Taylor and Francis Journals, vol. 17(2), pages 291-316.
  3. Halkos, George & Tzeremes, Nickolaos, 2012. "Carbon dioxide emissions and governance: A nonparametric analysis for the G-20," MPRA Paper 40387, University Library of Munich, Germany.

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