Are We There Yet? Time for Checks and Balances on New Institutionalism
AbstractNew institutionalism has had considerable success during the last decade in shepherding the debate on sustained economic development. If the sociopolitical, legal and economic transformations in the Anglo-Saxon world in the last three decades prove anything, however, it is that the late Mancur Olson deserves some long overdue credit. For the relevant question now is why have some constitutional democracies deteriorated to the point of chronic dysfunction with their checks and balances failing. New institutionalists then ought to come to terms with the fact that, in the interest of credible empirical identification, they too narrowly defined what Northian institutions entail. As a matter of fact, political, legal and economic institutions are highly malleable even in advanced economies, while sustained economic growth could well be deep rooted in individual beliefs, social norms and informal cultural organizations.
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Bibliographic InfoPaper provided by Institute for the Study of Labor (IZA) in its series IZA Discussion Papers with number 6934.
Length: 17 pages
Date of creation: Oct 2012
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Publication status: forthcoming in: Annual Proceedings of the Wealth & Well-Being of Nations, 2013.
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Find related papers by JEL classification:
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O57 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
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