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Institutions, Institutional Change, and Economic Performance
Wei Li,Victor Abiad +1 more
TLDR
In this paper, the authors identify inefficient institutions as the root cause of economic differences between societies and propose a framework to change these institutions and apply them to improve the economic well-being of countries.Abstract:
Why are some countries much richer than others? This technical note proposes a framework to begin answering this question. The first part identifies inefficient institutions as the root cause of the economic differences between societies. The second part analyzes how these institutions change. And the final part suggests how lessons from this institutional framework can be applied.read more
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Why Nations Fail: The Origins of Power, Prosperity, and Poverty
Daron Acemoglu,James A. Robinson +1 more
TL;DR: Acemoglu and Robinson as discussed by the authors argue that incentives and institutions are what separate the have and have-nots, and that if they work hard, they can make money and actually keep it, the key to ensuring these incentives is sound institutions.
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Institutions and axioms: an extension and update of service-dominant logic
Stephen L. Vargo,Robert F. Lusch +1 more
TL;DR: In this paper, an eleventh foundational premise (fifth axiom) is introduced, focusing on the role of institutions and institutional arrangements in systems of value cocreation: service ecosystems.
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The Real Exchange Rate and Economic Growth
TL;DR: In this article, the authors show that undervaluation of the currency (a high real exchange rate) stimulates economic growth, particularly for developing countries, and they present two categories of explanations for why this may be so, the first focusing on institutional weaknesses, and the second on product market failures.
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Transforming disadvantages into advantages: developing-country MNEs in the least developed countries
TL;DR: In this article, the advantages and disadvantages of developing-country multinational enterprises (MNEs) in comparison with developed-country MNEs are analyzed in the least developed countries (LDCs) with poorer regulatory quality and lower control of corruption.
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Culture and Institutions
Alberto Alesina,Paola Giuliano +1 more
TL;DR: A growing body of empirical work measuring different types of cultural traits has shown that culture matters for a variety of economic outcomes as mentioned in this paper, focusing on one specific aspect of the relevance of culture: its relationship to institutions.
References
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Institutions, Institutional Change and Economic Performance
TL;DR: Douglass C. North as discussed by the authors developed an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over time.
Related Papers (5)
Institutions and Economic Performance: An Overview of Empirical Research with the Main Focus on Transition Economies
Adnan Efendic,Geoff Pugh +1 more