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Look how far we have come




Economics has changed enormously since Professor Ha-Joon Chang burst onto the scene in the early 1990s. His critiques of mainstream economics are far more applicable to the discipline at that time than they are now. Whatever the shortcomings of the current literature on institutions and development, progress is not being held back by conceptual blinders imposed by economic orthodoxy. Game theory and behavioral economics have enriched the menu of models acceptable in the professional journals. More important, empirical standards have greatly advanced. Behavioral models are being confronted with computerized games and even with in-the-field experiments, especially in poor countries where recruiting experimental subjects is cheaper. The recent literature does not merely undermine traditional assumptions; it offers parsimonious interpretations that help us to understand the economy and the polity better than before.

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  • Clague, Christopher, 2011. "Look how far we have come," Journal of Institutional Economics, Cambridge University Press, vol. 7(04), pages 517-522, December.
  • Handle: RePEc:cup:jinsec:v:7:y:2011:i:04:p:517-522_00

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    References listed on IDEAS

    1. Peter J. Boettke & Christopher J. Coyne & Peter T. Leeson, 2015. "Institutional stickiness and the New Development Economics," Chapters,in: Culture and Economic Action, chapter 6, pages 123-146 Edward Elgar Publishing.
    2. Boettke, Peter J. & Coyne, Christopher J., 2009. "Context Matters: Institutions and Entrepreneurship," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 5(3), pages 135-209, March.
    3. Dani Rodrik & Arvind Subramanian & Francesco Trebbi, 2004. "Institutions Rule: The Primacy of Institutions Over Geography and Integration in Economic Development," Journal of Economic Growth, Springer, vol. 9(2), pages 131-165, June.
    4. Chang, Ha-Joon, 2011. "Institutions and economic development: theory, policy and history," Journal of Institutional Economics, Cambridge University Press, vol. 7(04), pages 473-498, December.
    5. Christopher Coyne, 2008. "The Politics of Bureaucracy and the failure of post-war reconstruction," Public Choice, Springer, vol. 135(1), pages 11-22, April.
    6. Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," The Quarterly Journal of Economics, Oxford University Press, vol. 117(4), pages 1231-1294.
    7. Scully, Gerald W, 1988. "The Institutional Framework and Economic Development," Journal of Political Economy, University of Chicago Press, vol. 96(3), pages 652-662, June.
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    9. Horwitz, Steven, 2008. "C.J. Coyne, After War: The Political Economy of Exporting Democracy , Stanford University Press, Stanford, California (2008) 238Â +Â x pp., index, ISBN 0-8047-5440-3, $24.95.," Journal of Economic Behavior & Organization, Elsevier, vol. 67(3-4), pages 969-972, September.
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    11. Buchanan, James M, 1987. "The Constitution of Economic Policy," American Economic Review, American Economic Association, vol. 77(3), pages 243-250, June.
    12. Peter Boettke, 2010. "Is the only form of ‘reasonable regulation’ self regulation?: Lessons from Lin Ostrom on regulating the commons and cultivating citizens," Public Choice, Springer, vol. 143(3), pages 283-291, June.
    13. Claudia Williamson, 2009. "Informal institutions rule: institutional arrangements and economic performance," Public Choice, Springer, vol. 139(3), pages 371-387, June.
    14. Robert E. Hall & Charles I. Jones, 1999. "Why do Some Countries Produce So Much More Output Per Worker than Others?," The Quarterly Journal of Economics, Oxford University Press, vol. 114(1), pages 83-116.
    15. Peter Boettke & Christopher Coyne & Peter Leeson & Frederic Sautet, 2005. "The New Comparative Political Economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 18(3), pages 281-304, December.
    16. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December.
    17. James Buchanan, 2008. "Same players, different game: how better rules make better politics," Constitutional Political Economy, Springer, vol. 19(3), pages 171-179, September.
    18. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
    19. Andrei Shleifer, 2009. "The Age of Milton Friedman," Journal of Economic Literature, American Economic Association, vol. 47(1), pages 123-135, March.
    21. William Shughart, 2008. "Christopher J. Coyne: After war: the political economy of exporting democracy," Public Choice, Springer, vol. 136(3), pages 497-500, September.
    22. Leeson, Peter T., 2007. "Better off stateless: Somalia before and after government collapse," Journal of Comparative Economics, Elsevier, vol. 35(4), pages 689-710, December.
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