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Instituce a výkonnost
[Institutions and performance]

Author

Listed:
  • Petr Vymětal
  • Milan Žák

Abstract

The article is based on the thesis that institutional quality influences the economic performance. From this point of view under certain circumstance the government policy is able to increase efficiency and performance of economies through creation, maintenance and cultivation of appropriate political and economic institutions ("political and economic design"). This way is not about state engineering indeed, but about possibility to accept and/or cancel measures which in principle influence both current production capability of economies and its long-term potential too. Authors do not refuse to analyse an influence of informal institutions, which undoubtedly create "the spawn, out of all grown up". If the state were to be understood in its minimal role, i. e. as the guarantee and co-creator of basic "well-established" rules and/or institutions, the rational economic policy could be able to influence the process both to reduce transaction costs and to rise economic efficiency.

Suggested Citation

  • Petr Vymětal & Milan Žák, 2005. "Instituce a výkonnost
    [Institutions and performance]
    ," Politická ekonomie, University of Economics, Prague, vol. 2005(4), pages 545-566.
  • Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:4:id:522:p:545-566
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    More about this item

    Keywords

    institutions; new institutional economics; rules; D. C. North; economic performance; institutional quality;

    JEL classification:

    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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