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Développement

Author

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  • François Facchini

    (UP1 UFR02 - Université Paris 1 Panthéon-Sorbonne - École d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique)

Abstract

Institutions are the prerequisite for productivity gains. Production growth is explained by productivity gains induced by specialization and the division of labor, but the latter only originates in exchange. A reduction in exchange costs then promotes economic development. However, institutions do not create wealth by themselves, and no decree can determine a country's development. The genius of economic development remains the entrepreneur, and entrepreneurship is a spirit, a mentality.

Suggested Citation

  • François Facchini, 2011. "Développement," Post-Print hal-05092491, HAL.
    • Handle: RePEc:hal:journl:hal-05092491
    Note: View the original document on HAL open archive server: https://hal.science/hal-05092491v1
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