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Is institutional improvement possible?

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  • Christopher J. Boudreaux
  • Randall G. Holcombe

Abstract

A substantial literature shows that economic prosperity is dependent on the quality of economic institutions. Countries with low-quality institutions remain poor while countries with high-quality institutions prosper. Improvement in institutional quality brings with it economic growth. Poor countries must improve their economic institutions to escape poverty; so, if a poor country’s institutional structure is unlikely to improve, that suggests dismal prospects for economic growth and an escape from poverty. An examination of institutional quality over 30 years indicates that countries with low-quality institutions have improved their institutional quality, which demonstrates that poor countries are not stuck with low-quality institutions. They can improve their institutions, and consequently, can generate economic growth and escape poverty.

Suggested Citation

  • Christopher J. Boudreaux & Randall G. Holcombe, 2018. "Is institutional improvement possible?," Applied Economics Letters, Taylor & Francis Journals, vol. 25(11), pages 758-761, June.
    • Handle: RePEc:taf:apeclt:v:25:y:2018:i:11:p:758-761
    DOI: 10.1080/13504851.2017.1363856
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    Cited by:

    1. Mariem Jaafra & Houssem Rachd, 2022. "Education and Economic Growth: ıs There a Role for Governance? a Comparison between MENA and OECD Countries," Eurasian Journal of Social Sciences, Eurasian Publications, vol. 10(4), pages 236-251.
    2. Helena Engemann & Yaghoob Jafari & Thomas Heckelei, 2023. "Institutional quality and the duration of agri‐food trade flows," Journal of Agricultural Economics, Wiley Blackwell, vol. 74(1), pages 135-154, February.

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