2006/24 | LEM Working Paper Series | |
What Makes an Economy Productive and Progressive? What Are the Needed Institutions? | ||
Richard R. Nelson |
||
Abstract | ||
Institutions again have become the focus of the theorizing and empirical work of economists
concerned with the determinants of economic growth, and of cross country differences in income
levels. One central argument of this paper is that institutions and institutional change need to be
understood as tightly intertwined with the technologies used in an economy, and with
technological change. A second argument is that, in general, societies have very limited ability to
design institutions that are effective, and that the processes of institutional reform work
erratically.
|
||
Downloads | ||
|
||
Back |