Premium
A REVIEW OF THE RECENT LITERATURE ON THE INSTITUTIONAL ECONOMICS ANALYSIS OF THE LONG‐RUN PERFORMANCE OF NATIONS
Author(s) -
Lloyd Peter,
Lee Cassey
Publication year - 2018
Publication title -
journal of economic surveys
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.657
H-Index - 92
eISSN - 1467-6419
pISSN - 0950-0804
DOI - 10.1111/joes.12186
Subject(s) - prosperity , economics , institutional economics , positive economics , development economics , neoclassical economics , macroeconomics , public economics , economic growth
This paper reviews the recent (post‐2000) literature that assesses the importance of institutions as a factor determining cross‐country differences in growth rates or in the contemporary level of “prosperity.” It first sketches how institutional economics has evolved. It then examines critically the methods of analysis employed in the recent literature. The paper finds that this literature has made a major contribution to the analysis of the causes of economic growth but the relative importance of institutions as a determinant of long‐run growth and prosperity is still a wide open question.