The Role of Institutions in Economic Development
AbstractThis paper provides the text of the Gunnar Myrdal Lecture presented at the U.N. Palais des Nations in 2003. The lecture suggests that the gaps in income per capita between richer and poorer countries largely reflect the quality of their institutions. Institutions, by reducing uncertainty, are the key to facilitating cooperation which allows the realization of the gains from trade and exchange and the advantages of increasing specialization. It is argued that there is no single strategy for institutional design that will fit all countries.
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Bibliographic InfoPaper provided by UNECE in its series ECE Discussion Papers Series with number 2003_2.
Length: 11 pages
Date of creation: Oct 2003
Date of revision:
Publication status: Published in UNECE Discussion Paper Series, No. 2003_2
Myrdal; institutions; comparative economic performance;
Find related papers by JEL classification:
- B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
- A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- H10 - Public Economics - - Structure and Scope of Government - - - General
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
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- Turhan, Ibrahim M., 2008. "Why did it work this time: a comparative analysis of transformation of Turkish economy after 2002," MPRA Paper 31158, University Library of Munich, Germany.
- Roberto Dell’Anno, 2010. "Institutions and human development in the Latin American informal economy," Constitutional Political Economy, Springer, vol. 21(3), pages 207-230, September.
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