A REVIEW OF THE RECENT LITERATURE ON THE INSTITUTIONAL ECONOMICS ANALYSIS OF THE LONG‐RUN PERFORMANCE OF NATIONS. (21st December 2016)

• Record Type: Journal Article
• Authors: Lloyd, Peter; Lee, Cassey
• Is Part Of: Journal of economic surveys. Volume 32:Number 1(2018)
• Page Start: 1
• Page End: 22
• Publication Date: 2016-12-21
• Subjects: Institutions -- Instruments -- Long‐run performance -- Policies; Economics -- Periodicals; 330
• DOI: 10.1111/joes.12186
• Languages: English
• ISSNs: 0950-0804

Abstract

Abstract: 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.