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Institutions, Economics and the Development Quest

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  • Duarte N. Leite

    (CEF-UP (Center for Economics and Finance at UP), FEP (Faculdade de Economia da Universidade do Porto)

  • Sandra T. Silva

    (CEF-UP (Center for Economics and Finance at UP), FEP (Faculdade de Economia da Universidade do Porto)

  • Óscar Afonso

    (CEF-UP (Center for Economics and Finance at UP), FEP (Faculdade de Economia da Universidade do Porto)

Abstract

Institutions, crucial for the analysis of how agents deal with uncertainty, have been gaining increasing relevance on the Economic research agenda. In this paper, we analyze the institutional literature that provides insights into different research fields, aiming to explain why this perspective obtains better results than others, in the field of growth and Development Economics. In particular, we stress the relevance of New Institutional Economics as an adequate framework for a broad understanding of development issues.

Suggested Citation

  • Duarte N. Leite & Sandra T. Silva & Óscar Afonso, 2012. "Institutions, Economics and the Development Quest," FEP Working Papers 457, Universidade do Porto, Faculdade de Economia do Porto.
    • Handle: RePEc:por:fepwps:457
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    More about this item

    Keywords

    Institutions; Institutional change; Economic development;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • D23 - Microeconomics - - Production and Organizations - - - Organizational Behavior; Transaction Costs; Property Rights

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