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Political Economy Approach of Institutional Research

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  • liu, michelle yan

Abstract

Institutional research should be ready to move to the next stage, a stage that is, as argued by this paper, characterized by a more comprehensive approach integrating economics, politics, and social culture. The theoretical foundation for such a move exists, as the interconnection between political institutions and economic institutions has been addressed by North, Fukuyama, and Acemoglu, and the influences of cultural heritage on institutional choices have further been mentioned by North and Huntington. Another shift in institutional research proposed by this paper is a change from general to specific solutions because the institutional characteristics become individualized after considering the impacts of culture heritage. This paper presents the correlations between political and economic institutions and the unique characteristics of political orders taking different developmental paths using a data analysis based on the World Governance Index (WGI) and other development indicators. The paper also discusses the influences of cultural heritage on institution’s choice of transformation path and proposes a institutional research framework.

Suggested Citation

  • liu, michelle yan, 2016. "Political Economy Approach of Institutional Research," MPRA Paper 75939, University Library of Munich, Germany, revised Dec 2016.
    • Handle: RePEc:pra:mprapa:75939
    as

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    References listed on IDEAS

    as
    1. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472, Elsevier.
    2. Daron Acemoglu & Suresh Naidu & Pascual Restrepo & James A. Robinson, 2019. "Democracy Does Cause Growth," Journal of Political Economy, University of Chicago Press, vol. 127(1), pages 47-100.
    3. Daron Acemoglu & Simon Johnson & James A. Robinson, 2002. "Reversal of Fortune: Geography and Institutions in the Making of the Modern World Income Distribution," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 117(4), pages 1231-1294.
    4. Philippe Aghion, 2005. "Growth and Institutions," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 32(1), pages 3-18, March.
    5. Varsakelis, Nikos C., 2006. "Education, political institutions and innovative activity: A cross-country empirical investigation," Research Policy, Elsevier, vol. 35(7), pages 1083-1090, September.
    6. Ronald Coase & Ning Wang, 2012. "How China Became Capitalist," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-137-01937-0.
    7. W. J. Henisz, 2000. "The Institutional Environment for Economic Growth," Economics and Politics, Wiley Blackwell, vol. 12(1), pages 1-31, March.
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    More about this item

    Keywords

    Institutional Economics; Political Economy; Comparative Economic System; Comparative Political System; World Governance Index (WGI);
    All these keywords.

    JEL classification:

    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights

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