What Makes an Economy Productive and Progressive? What Are the Needed Institutions?
AbstractInstitutions again have become the focus of the theorizing and empirical work of economists concerned with the determinants of economic growth, and of cross country differences in income levels. One central argument of this paper is that institutions and institutional change need to be understood as tightly intertwined with the technologies used in an economy, and with technological change. A second argument is that, in general, societies have very limited ability to design institutions that are effective, and that the processes of institutional reform work erratically.
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Bibliographic InfoPaper provided by University of Minnesota, Department of Applied Economics in its series Staff Papers with number 13728.
Date of creation: 2007
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Other versions of this item:
- Richard R. Nelson, 2006. "What Makes an Economy Productive and Progressive? What Are the Needed Institutions?," LEM Papers Series 2006/24, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
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