Journal•ISSN: 0002-9246
The American Journal of Economics and Sociology
Wiley-Blackwell
About: The American Journal of Economics and Sociology is an academic journal published by Wiley-Blackwell. The journal publishes majorly in the area(s): Population & Politics. It has an ISSN identifier of 0002-9246. Over the lifetime, 2666 publications have been published receiving 32393 citations. The journal is also known as: American Journal of Economics and Sociology.
Topics: Population, Politics, Tax reform, Government, Poverty
Papers published on a yearly basis
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609 citations
TL;DR: In this article, it is suggested that the new institutionalism contains ambiguous and contradictory notions of change, and that a patchwork of exogenous factors such as technology, culture, and ideology feed into institutional change in unclear ways.
Abstract: It is suggested that the new institutionalism contains ambiguous and contradictory notions of change. By setting up a model that explains institutional constraints on decision makers, the new institutionalism correctly points out the limits of a rational choice framework of economic decision making. However, by failing to explain the sources and avenues of modifications of those constraints, the new institutionalism is unable to provide a satisfactory explanation of change. Instead, a patchwork of exogenous factors is found, such as technology, culture, and ideology, which feed into institutional change in unclear ways. Those factors for change should be examined directly, rather than through the proxy of institutions.
559 citations
TL;DR: The Instinct of Workmanship and the State as a Work of Art as discussed by the authors is a good starting point for any inquiry into the conditions and incentives of the human material involved in economic transactions.
Abstract: IN DAYS OF WORLD EVENTS economists are understandably occupied with broad aggregates, "bloodless categories" of total employment, national income, corporate retained earnings, cyclical fluctuations and the like. While such is necessarily the case it is now and again important and refreshing to turn, as Professor Hayek has recently done,' to the human material involved in these economic transactions. Especially is it interesting and relevant to examine such of these as approach large means and far-reaching discretion. What are the Executives doing? What are their motives and incentives? What benefits induce the community to keep them at their tasks? And how is it that every day the Executive's bag of tricks seems to grow larger and more astounding, his sweep and influence more powerful? An essay attempting to answer these questions might well have been called "'The Instinct of Workmanship and the State as a Work of Art." For any inquiry into the conditions and
420 citations
TL;DR: In this paper, the authors provide a framework for understanding institutional "stickiness" based on the regression theorem, which maintains that the stickiness, and therefore likely success, of any proposed institutional change is a function of that institution's status in relation- ship to indigenous agents in the previous time period.
Abstract: Research examining the importance of path dependence and culture for institutions and development tells us that "history matters," but not how history matters. To provide this missing "how," we provide a framework for understanding institutional "stickiness" based on the regression theorem. The regression theorem maintains that the stickiness, and therefore likely success, of any proposed institutional change is a function of that institution's status in relation- ship to indigenous agents in the previous time period. This framework for analyzing institutional stickiness creates the core of what we call the New Development Economics. Historical cases of postwar recon- struction and transition efforts provide evidence for our claim. Teeth-gritting humility, patience, curiosity and independent thinking are called for in learning how superior foreign technology works and how it can be improved. Without these conditions the technical assistance "does not take." The cut flowers wither and die because they have no roots. Paul Streeten (1995: 11-12)
343 citations
TL;DR: In the early 1970s, Norway lagged behind its Scandinavian neighbors in the aggregate value of economic production per capita, as it had for decades as discussed by the authors, and the discovery and extraction of oil in the early 70s is usually suggested as the explanation.
Abstract: In the 1960s, Norway lagged behind its Scandinavian neighbors in the aggregate value of economic production per capita, as it had for decades. By the 1990s, Norway had caught up with and forged ahead of Denmark and Sweden. When and why did Norway catch up? The discovery and extraction of oil in the early 70s is usually suggested as the explanation. But oil alone cannot explain Norway's growth since Sachs and Warner (2001) show that resource-gifts often reverse growth, making oil a curse not a blessing. Moreover, there is the possibility of contracting the Dutch Disease, which involves a rapid and substantial contraction of the traded goods sector. This article explains how deliberate macroeconomic policy, the arrangement of political and economic institutions, a strong judicial system, and social norms contributed to let Norway escape the Resource Curse and the Dutch Disease for more than two decades. Intriguingly, it appears that Norway in the late 90s may show some symptoms. Norway experiences reversed relative growth compared to Denmark and Sweden and a contraction of industrial activity. This article explores the political economy behind this recent slow-down.
314 citations