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Institutions and economic growth: The theoretical models of Thorstein Veblen and Douglass North

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  • Herton Castiglioni Lopes

Abstract

The aim of this work is to analyse the role of institutions in the economical growing. It searches for propose two theoretical models that explain the development, one is according to Thorstein Veblen and the other one is based on Douglass North. Thus, it summarises and compares the effects of the institutions growing and at the same time emphasizes the deviations and approximation on both theoretical chain. Beside the differences still exist, there is a research agenda that is approaching. In both theoretical models there are important concepts to analyse the effects of the institutions in the development. JEL Classification: B25; B52; O10; O43.

Suggested Citation

  • Herton Castiglioni Lopes, 2013. "Institutions and economic growth: The theoretical models of Thorstein Veblen and Douglass North," Brazilian Journal of Political Economy, Center of Political Economy, vol. 33(4), pages 619-637.
    • Handle: RePEc:ekm:repojs:v:33:y:2013:i:4:p:619-637:id:331
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    More about this item

    Keywords

    institutions; growth; Douglass North; Thorstein Veblen;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O43 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Institutions and Growth

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