Institutions for Economic Development and Growth
نویسندگان
چکیده
Growth theory has identified a plethora of determinants for development; however, the more carefully economists study institutions, the more crucial they seem to become for the growth process. For decades economists focused on physical/human capital as well as technical change as sources of the wealth of nations. Crises and failed transition experiments in the 1990s brought to light that even these basic economic determinants of economic performance are incapable of providing desired living standards in the absence of functioning institutions to support and enable economic incentives.
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