Institutions for High-Quality Growth: What They are and How to Acquire Them
This paper opens with a discussion of the types of institutions that allow markets to perform adequately. While we can identify in broad terms what these are, there is no unique mapping between markets and the non-market institutions that underpin them. The paper emphasizes the importance of local knowledge' and argues that a strategy of institution building must not over-emphasize best-practice blueprint' at the expense of experimentation. Participatory political systems are the most effective ones for processing and aggregating local knowledge. Democracy is a meta-institution for building good institutions. A range of evidence indicates that participatory democracies enable higher-quality growth.
|Date of creation:||Feb 2000|
|Date of revision:|
|Publication status:||published as Roy, Kartik C. and Jorn Sideras (eds.) Institutions, Globalisation and Empowerment. Cheltenham, U.K. and Northampton, MA: Elgar, 2006.|
|Contact details of provider:|| Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.|
Web page: http://www.nber.org
More information through EDIRC
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.:
- Robert J. Barro, 1998.
"Determinants of Economic Growth: A Cross-Country Empirical Study,"
MIT Press Books,
The MIT Press,
edition 1, volume 1, number 0262522543, December.
- Robert J. Barro, 1996. "Determinants of Economic Growth: A Cross-Country Empirical Study," NBER Working Papers 5698, National Bureau of Economic Research, Inc.
- Lau, Lawrence J & Qian, Yingyi & Roland, Gérard, 1998.
"Reform Without Losers: An Interpretation of China's Dual-Track Approach to Transition,"
CEPR Discussion Papers
1798, C.E.P.R. Discussion Papers.
- Lawrence J. Lau & Yingyi Qian & Gerard Roland, 2000. "Reform without Losers: An Interpretation of China's Dual-Track Approach to Transition," Journal of Political Economy, University of Chicago Press, vol. 108(1), pages 120-143, February.
- Lawrence J. Lau & Yingyi Qian & Gerard Roland, . "Reform without Losers: An Interpretation of China's Dual-Track Approach to Transition," Working Papers 99010, Stanford University, Department of Economics.
- Lawrence J. Lau & Yingyi Qian & Gerald Roland, 1997. "Reform Without Losers: An Interpretation of China's Dual-Track Approach to Transition," William Davidson Institute Working Papers Series 137, William Davidson Institute at the University of Michigan.
- Lawrence J. Lau & Yingyi Qian & Gerard Roland, 1997. "Reform without Losers: An Interpretation of China's Dual-Track Approach to Transition," Working Papers 97048, Stanford University, Department of Economics.
- Yifu Lin, Justin & Nugent, Jeffrey B., 1995. "Institutions and economic development," Handbook of Development Economics, in: Hollis Chenery & T.N. Srinivasan (ed.), Handbook of Development Economics, edition 1, volume 3, chapter 38, pages 2301-2370 Elsevier.
- John Williamson, 1994. "The Political Economy of Policy Reform," Peterson Institute Press: All Books, Peterson Institute for International Economics, number 68.
- Philip R. Lane & Aaron Tornell, 1999. "The Voracity Effect," American Economic Review, American Economic Association, vol. 89(1), pages 22-46, March.
- Michael D. Bordo & Claudia Goldin & Eugene N. White, 1998. "The Defining Moment: The Great Depression and the American Economy in the Twentieth Century," NBER Books, National Bureau of Economic Research, Inc, number bord98-1, September.
- Kaufmann, Daniel & Kraay, Aart & Zoido-Lobaton, Pablo, 1999. "Governance matters," Policy Research Working Paper Series 2196, The World Bank.
- Jonathan Temple & Paul A. Johnson, 1998. "Social Capability and Economic Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 113(3), pages 965-990.
When requesting a correction, please mention this item's handle: RePEc:nbr:nberwo:7540. See general information about how to correct material in RePEc.
If references are entirely missing, you can add them using this form.