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On economic growth and development

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  • E. Colombatto

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    Abstract

    The paper offers a subjectivist approach to economic growth and an institutional view of development. In particular, the term development regards the prevailing rules of the game and their effects on the key variables for economic activity to take off: property rights and productive entrepreneurship. And growth is deemed to be the result of favourable institutional environments where chances are exploited and individuals succeed in improving their living conditions. Methodological and normative investigation questions the validity of the recent and increasing literature on institutional design, where institutional economics actually plays only a modest role. Copyright Springer Science + Business Media, LLC 2006

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    File URL: http://hdl.handle.net/10.1007/s11138-006-9247-x
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    Bibliographic Info

    Article provided by Springer in its journal The Review of Austrian Economics.

    Volume (Year): 19 (2006)
    Issue (Month): 4 (December)
    Pages: 243-260

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    Handle: RePEc:kap:revaec:v:19:y:2006:i:4:p:243-260

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    Web page: http://www.springerlink.com/link.asp?id=100335

    Related research

    Keywords: Growth; Development; Institutional economics;

    References

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    1. Amartya Sen, 1995. "Mortality as an Indicator of Economic Success and Failure," Innocenti Lectures innlec95/2, UNICEF Innocenti Research Centre.
    2. Sen, Amartya, 1984. "The Living Standard," Oxford Economic Papers, Oxford University Press, vol. 36(0), pages 74-90, Supplemen.
    3. David N. Weil & Oded Galor, 1999. "From Malthusian Stagnation to Modern Growth," American Economic Review, American Economic Association, vol. 89(2), pages 150-154, May.
    4. James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 643-, December.
    5. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
    6. Gustav Ranis, 2004. "The Evolution of Development Thinking: Theory and Policy," Working Papers 886, Economic Growth Center, Yale University.
    7. Christopher J. Coyne & Peter T. Leeson, 2004. "The Plight of Underdeveloped Countries," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 235-249, Fall.
    8. de Jasay, Anthony, 1996. " Hayek: Some Missing Pieces," The Review of Austrian Economics, Springer, vol. 9(1), pages 107-18.
    9. Hoppe, Hans-Hermann, 1994. " F. A. Hayek on Government and Social Evolution: A Critique," The Review of Austrian Economics, Springer, vol. 7(1), pages 67-93.
    10. Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
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    Cited by:
    1. Alexander Cotte, Poveda, 2011. "Economic development and growth in Colombia: An empirical analysis with super-efficiency DEA and panel data models," Socio-Economic Planning Sciences, Elsevier, vol. 45(4), pages 154-164, December.

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