Economic Systems of OECD Nations: Impact and Evolution
AbstractThis essay argues that economic systems should be defined in terms of clusters of complementary institutions. To show how such an approach can be carried out, I use a cluster analysis technique and data on forty different economic institutions in OECD nations to isolate four quite different economic systems. After specifying the most important institutional clusters in each system, I then examine what impact these economic systems have on various indicators of economic performance. Finally, I show how such an approach allows particular evolutionary patterns of the systems to be analyzed.
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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2004-14.
Length: 45 pages
Date of creation: Oct 2004
Date of revision:
Find related papers by JEL classification:
- P51 - Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
- P10 - Economic Systems - - Capitalist Systems - - - General
- C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General
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