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Which institutions matter? Separating the chaff from the wheat

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  • JOHN, ARIELLE
  • STORR, VIRGIL HENRY

Abstract

Ha-Joon Chang (2011), in his article ‘Institutions and Economic Development: Theory, Policy and History’, argues that economists place too much faith in ‘liberalized’ institutions. Institutions matter for growth, he contends, but not the way institutional economists think they do. In this article, we offer a defense of the hypothesis that ‘institutions matter’ for economic growth and present several objections to Chang's arguments.

Suggested Citation

  • John, Arielle & Storr, Virgil Henry, 2011. "Which institutions matter? Separating the chaff from the wheat," Journal of Institutional Economics, Cambridge University Press, vol. 7(4), pages 583-588, December.
    • Handle: RePEc:cup:jinsec:v:7:y:2011:i:04:p:583-588_00
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    References listed on IDEAS

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    1. Art Carden, 2009. "Can’t Buy Me Growth: On Foreign Aid and Economic Change," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 25(Fall 2009), pages 105-123.
    2. Dollar, David & Svensson, Jakob, 2000. "What Explains the Success or Failure of Structural Adjustment Programmes?," Economic Journal, Royal Economic Society, vol. 110(466), pages 894-917, October.
    3. Alberto Alesina & Beatrice Weder, 2002. "Do Corrupt Governments Receive Less Foreign Aid?," American Economic Review, American Economic Association, vol. 92(4), pages 1126-1137, September.
    4. Peter T. Leeson, 2008. "Escaping Poverty: Foreign Aid, Private Property, and Economic Development," Journal of Private Enterprise, The Association of Private Enterprise Education, vol. 23(Spring 20), pages 39-64.
    5. Chang, Ha-Joon, 2011. "Reply to the comments on ‘Institutions and Economic Development: Theory, Policy and History’," Journal of Institutional Economics, Cambridge University Press, vol. 7(4), pages 595-613, December.
    6. Chang, Ha-Joon, 2011. "Institutions and economic development: theory, policy and history," Journal of Institutional Economics, Cambridge University Press, vol. 7(4), pages 473-498, December.
    7. Stephen Knack, 2001. "Aid Dependence and the Quality of Governance: Cross-Country Empirical Tests," Southern Economic Journal, John Wiley & Sons, vol. 68(2), pages 310-329, October.
    8. Svensson, Jakob, 2000. "Foreign aid and rent-seeking," Journal of International Economics, Elsevier, vol. 51(2), pages 437-461, August.
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    Cited by:

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    2. Roxana Elena Lazar, 2012. "Corruption - An Inhibiting Factor For The Efficient Implementation Of Structural Funds In Romania," CES Working Papers, Centre for European Studies, Alexandru Ioan Cuza University, vol. 4(3), pages 356-363, September.
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