On economic growth and development
The paper offers a subjectivist approach to economic growth and an institutional view of development. In particular, the term development regards the prevailing rules of the game and their effects on the key variables for economic activity to take off: property rights and productive entrepreneurship. And growth is deemed to be the result of favourable institutional environments where chances are exploited and individuals succeed in improving their living conditions. Methodological and normative investigation questions the validity of the recent and increasing literature on institutional design, where institutional economics actually plays only a modest role. Copyright Springer Science + Business Media, LLC 2006
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Volume (Year): 19 (2006)
Issue (Month): 4 (December)
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References listed on IDEAS
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- Christopher J. Coyne & Peter T. Leeson, 2004. "The Plight of Underdeveloped Countries," Cato Journal, Cato Journal, Cato Institute, vol. 24(3), pages 235-249, Fall.
- Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
- Hoppe, Hans-Hermann, 1994. "F. A. Hayek on Government and Social Evolution: A Critique," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 7(1), pages 67-93.
- James D. Gwartney & Robert A. Lawson & Randall G. Holcombe, 1999. "Economic Freedom and the Environment for Economic Growth," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 643-, December.
- Gustav Ranis, 2004. "The Evolution of Development Thinking: Theory and Policy," Working Papers 886, Economic Growth Center, Yale University.
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