Open AccessThe role of institutions in economic performance
Author(s) -
Alise Vītola,
Maija Šenfelde
Publication year - 2015
Publication title -
verslas teorija ir praktika
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.369
H-Index - 17
eISSN - 1822-4202
pISSN - 1648-0627
DOI - 10.3846/btp.2015.498
Subject(s) - socioeconomic status , globe , affect (linguistics) , investment (military) , human capital , socioeconomic development , institutional economics , business , economic system , economics , economic growth , public economics , regional science , political science , sociology , psychology , politics , neoclassical economics , population , demography , communication , neuroscience , law
The purpose of the article is to survey the significant literature on the role of institutions – formal and informal constraints that affect investment in physical and human capital – in economic performance and propose a new, comprehensive definition and classification of institutions, as well as to develop a conceptual model to illustrate the interaction between institutions and socioeconomic development. The literature shows that institutions played an important role in facilitating technological progress and leading the world into the modern economic regime. Moreover, quantitative research proves that institutions significantly impact socioeconomic performance around the globe
Accelerating Research
Robert Robinson Avenue,
Oxford Science Park, Oxford
OX4 4GP, United Kingdom
Address
John Eccles HouseRobert Robinson Avenue,
Oxford Science Park, Oxford
OX4 4GP, United Kingdom