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Institutions and Development

In: Handbook of New Institutional Economics

Author

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  • Mary M. Shirley

    (The Ronald Coase Institute)

Abstract

Developed countries are the exception, not the rule. Billions of dollars of aid and countless hours of advice notwithstanding, most countries have not been able to foster sustained growth and social progress. Increasingly research has shown that weak, missing or perverse institutions are the roots of underdevelopment. Other explanations for development, such as investment, technological innovation, or years of schooling are not correlated with higher rates of economic growth (Easterly 2002). Instead, cross-country regressions persistently demonstrate large and statistically significant correlations between institutional variables and growth, and in horse races between variables, an index of institutional quality “trumps” geography or trade as an explanation for growth (Rodrik, et al. 2002).

Suggested Citation

  • Mary M. Shirley, 2008. "Institutions and Development," Springer Books, in: Claude Ménard & Mary M. Shirley (ed.), Handbook of New Institutional Economics, chapter 24, pages 611-638, Springer.
    • Handle: RePEc:spr:sprchp:978-3-540-69305-5_25
    DOI: 10.1007/978-3-540-69305-5_25
    as

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