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The Institutional Framework and Economic Development

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Author Info
Scully, Gerald W
Abstract

The compound growth rates per capita output and Farrell-type efficiency measures for 115 market economies over the period 1960-80 were compared with measures of political, civil, and economic li berty. It was found that the institutional framework has significant and large effects on the efficiency and growth rate of economies. Pol itically open societies, which subscribe to the rule of law, to priva te property, and to the market allocation of resources, grow at three times the rate and are two and one-half times as efficient as societ ies in which these freedoms are abridged. Copyright 1988 by University of Chicago Press.

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Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 96 (1988)
Issue (Month): 3 (June)
Pages: 652-62
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Handle: RePEc:ucp:jpolec:v:96:y:1988:i:3:p:652-62

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  1. Wasseem Mina & Jorge Martinez-Vazquez, 2006. "Contract Enforcement, Institutional Stability, and the Level and Maturity of International Debt," International Studies Program Working Paper Series, at AYSPS, GSU paper0617, International Studies Program, Andrew Young School of Policy Studies, Georgia State University. [Downloadable!]
  2. Robert J. Barro, 1989. "A Cross-Country Study of Growth, Saving, and Government," NBER Working Papers 2855, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Grigorian, David A. & Martinez, Albert, 2000. "Industrial growth and the quality of institutions : what do (transition) economies have to gain from the Rule of Law?," Policy Research Working Paper Series 2475, The World Bank. [Downloadable!]
  4. Jian-Guang Shen, 2002. "Democracy and growth: An alternative empirical approach," Development and Comp Systems 0212002, EconWPA. [Downloadable!]
  5. Shen, Jian-Guang, 2002. "Democracy and growth: An alternative empirical approach," BOFIT Discussion Papers 13/2002, Bank of Finland, Institute for Economies in Transition. [Downloadable!]
  6. Pierre-Daniel G. Sarte, 1998. "Rent seeking bureaucracies and oversight in a simple growth model," Working Paper 98-03, Federal Reserve Bank of Richmond. [Downloadable!]
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  7. Robert J. Barro, 1994. "Democracy & Growth," NBER Working Papers 4909, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. Keefer, Philip, 2004. "A review of the political economy of governance : from property rights to voice," Policy Research Working Paper Series 3315, The World Bank. [Downloadable!]
  9. Peter T. Leeson & Russell S. Sobel, 2006. "Contagious Capitalism," Working Papers 06-04, Department of Economics, West Virginia University. [Downloadable!]
  10. Jian-Guang Shen, 2003. "Democracy and growth: An alternative empirical approach," Macroeconomics 0303008, EconWPA. [Downloadable!]
  11. Federico Sturzenegger & Mariano Tommasi, 1992. ""Deadlock" Societies, The Allocation of Time and Growth Performance," UCLA Economics Working Papers 660, UCLA Department of Economics. [Downloadable!]
  12. Helje Kaldaru & Eve Parts, 2005. "The Effect Of Macro-Level Social Capital On Sustainable Economic Development," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 42, Faculty of Economics and Business Administration, University of Tartu (Estonia). [Downloadable!]
  13. Isham, Jonathan & Kaufmann, Daniel & Pritchett, Lant, 1995. "Governance and returns on investment : an empirical investigation," Policy Research Working Paper Series 1550, The World Bank. [Downloadable!]
  14. Bun Song Lee & Shuanglin Lin, 1994. "Government Size, Demographic Changes, And Economic Growth," International Economic Journal, Korean International Economic Association, vol. 8(1), pages 91-108, April. [Downloadable!] (restricted)
  15. Holger Strulik, 1999. "Globalisation and the Welfare State," Quantitative Macroeconomics Working Papers 19902, Hamburg University, Department of Economics. [Downloadable!]
  16. John W. Dawson, 2007. "The Empirical Instituions-Growth Literature: Is Something Amiss at the Top?," Working Papers 07-04, Department of Economics, Appalachian State University. [Downloadable!]
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  17. Posner, Richard A, 1998. "Creating a Legal Framework for Economic Development," World Bank Research Observer, Oxford University Press, vol. 13(1), pages 1-11, February. [Downloadable!]
  18. Alberto Chong & Luisa Zanforlin, 2001. "Inward-Looking Policies, Institutions, Autocrats, and Economic Growth in Latin America: An Empirical Exploration," RES Working Papers 1049, Inter-American Development Bank, Research Department. [Downloadable!]
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  19. John McMillan & Gordon C. Rausser & Stanley R. Johnson, 1993. "Freedoms and Economic Growth: Transitional and Permanent Components," Center for Agricultural and Rural Development (CARD) Publications 93-wp115, Center for Agricultural and Rural Development (CARD) at Iowa State University. [Downloadable!]
  20. Corbo, Vittorio, 1991. "Report on adjustment lending II : lessons for Eastern Europe," Policy Research Working Paper Series 693, The World Bank. [Downloadable!]
  21. Holger Strulik & Ines Lindner, 1999. "Why not Africa? -- Growth and Welfare Effects of Secure Property Rights," Quantitative Macroeconomics Working Papers 19909, Hamburg University, Department of Economics. [Downloadable!]
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  22. Christian, Bjørnskov, 2003. "Corruption and Social Capital," Working Papers 03-13, Aarhus School of Business, Department of Economics. [Downloadable!]
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