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Institutional Rigidities and Economic Growth

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  • Hodgson, Geoff

Abstract

This paper involves a critical discussion of Nicholas Kaldor's contribution to the theory of economic growth, and the associated Verdoorn Law. As well as Kaldor's theory, prominent rival theories, such as the diffusion hypothesis of S. Gomulka and the neo-Marxist model proposed by S. Bowles et al., are found wanting. An alternative approach is developed based on the nature and role of institutions in modern economies, and their function in encapsulating or transmitting both codifiable and noncodifiable knowledge. Confirmation of this "institutional" theory of economic growth is provided by an econometric test using cross-section OECD data. Copyright 1989 by Oxford University Press.

Suggested Citation

  • Hodgson, Geoff, 1989. "Institutional Rigidities and Economic Growth," Cambridge Journal of Economics, Oxford University Press, vol. 13(1), pages 79-101, March.
  • Handle: RePEc:oup:cambje:v:13:y:1989:i:1:p:79-101
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    Cited by:

    1. G. Hodgson., 2006. "Some Claims Made for Critical Realism in Economics: Two Case Studies," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 7.
    2. Brunk, Gregory G. & Hunter, Kennith G., 2008. "An ecological perspective on interest groups and economic stagnation," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 37(1), pages 194-212, February.
    3. repec:oup:cjrecs:v:10:y:2017:i:3:p:509-526. is not listed on IDEAS
    4. Olsson, Ola, 2000. "A Microeconomic Analysis of Institutions," Working Papers in Economics 25, University of Gothenburg, Department of Economics.
    5. Jeremy Howells, 2011. "Innovation and Globalisation: A Systems of Innovation Perspective," Chapters,in: The Handbook of Globalisation, Second Edition, chapter 5 Edward Elgar Publishing.
    6. Kobos, Peter H. & Erickson, Jon D. & Drennen, Thomas E., 2006. "Technological learning and renewable energy costs: implications for US renewable energy policy," Energy Policy, Elsevier, vol. 34(13), pages 1645-1658, September.
    7. Fernando Collantes, 2009. "Rural Europe reshaped: the economic transformation of upland regions, 1850-2000 -super-1," Economic History Review, Economic History Society, vol. 62(2), pages 306-323, May.
    8. Nicholas Apergis & Spyros Zikos, 2003. "The Law of Verdoorn: Evidence from Greek Disaggregated Manufacturing Time Series Data," The Economic and Social Review, Economic and Social Studies, vol. 34(1), pages 87-104.

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