Importance Of Institutions In Terms Of Competitiveness Improvement And Economic Success
In view of the fact that competition constitutes one of the key postulates of the economic prosperity of both the national economy and its economic entities, this paper brings to attention the need for its continuous improvement. Improvement of competitiveness of a national economy is the most reliable way to achieve economic growth and development, and thus improve the prosperity of the citizens. In this regard, the paper discusses different theoretical approaches to this important economic problem and analyzes the key factors of economic competitiveness. In accordance with the subject of this research, the emphasis is given to the importance of institutions, since they are crucial for creating a competitive business environment and improving competitiveness and economic success. The research implies that it is necessary to determine the level of competitiveness, as well as the state of basic economic institutions, in order to identify both strengths and weaknesses of the national economy as preconditions for the creation and implementation of relevant competitiveness and economic success improvement policies. Such approach is particularly important for overcoming devastating economic conditions in Serbia, which have been present for many years. The paper stresses the importance of the enforcement of contracts and property rights, judicial independence, quality and professionalism of public administration, as key institutions in Serbia’s economy which must be consistently regulated in order to be able to contribute to improving the national economy competitiveness. Furthermore, it is pointed out that the institutions, by creating a favorable environment for successful development of economic activities, represent a very important factor in improving the competitiveness of the national economy, and hence provide a solid basis for the long-term growth and development.
Volume (Year): (2013)
Issue (Month): 5-6 (August)
|Contact details of provider:|| Postal: |
Phone: +381 11 3613-409; +381 11 2644-980
Fax: +381 11 3629-689
Web page: http://www.ses.org.rs
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Krugman, Paul R, 1996. "Making Sense of the Competitiveness Debate," Oxford Review of Economic Policy, Oxford University Press, vol. 12(3), pages 17-25, Autumn.
- North, Douglass C, 1994.
"Economic Performance through Time,"
American Economic Review,
American Economic Association, vol. 84(3), pages 359-68, June.
When requesting a correction, please mention this item's handle: RePEc:srb:journl:y:2013:i:5-6:p:386-400. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Milos Stamatovic)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.