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 Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy in its series LEM Papers Series with number 2006/24.
Date of creation: 29 Sep 2006
Date of revision:
Other versions of this item:
- Nelson, Richard R., 2007. "What Makes an Economy Productive and Progressive? What Are the Needed Institutions?," Staff Papers 13728, University of Minnesota, Department of Applied Economics.
- NEP-ALL-2006-10-07 (All new papers)
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