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The Role of Institutions in Economic Development

Author

Listed:
  • Douglas North

    (Washington University)

Abstract

This paper provides the text of the Gunnar Myrdal Lecture presented at the U.N. Palais des Nations in 2003. The lecture suggests that the gaps in income per capita between richer and poorer countries largely reflect the quality of their institutions. Institutions, by reducing uncertainty, are the key to facilitating cooperation which allows the realization of the gains from trade and exchange and the advantages of increasing specialization. It is argued that there is no single strategy for institutional design that will fit all countries.

Suggested Citation

  • Douglas North, 2003. "The Role of Institutions in Economic Development," ECE Discussion Papers Series 2003_2, UNECE.
    • Handle: RePEc:ece:dispap:2003_2
    as

    Download full text from publisher

    File URL: http://www.unece.org/fileadmin/DAM/oes/disc_papers/ECE_DP_2003-2.pdf
    File Function: First version, 2003
    Download Restriction: no
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    More about this item

    Keywords

    Myrdal; institutions; comparative economic performance;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • H10 - Public Economics - - Structure and Scope of Government - - - General
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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