A Review of the Recent Literature on the Institutional Economics Analysis of the Long-Run Performance of Nations

Peter Lloyd () and Cassey Lee
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Peter Lloyd: University of Melbourne, http://findanexpert.unimelb.edu.au/display/person12834

Department of Economics - Working Papers Series from The University of Melbourne

Abstract: This paper reviews the recent (post-2000) literature which 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.

Keywords: institutions; policies; long-run performance; instruments (search for similar items in EconPapers)
JEL-codes: B52 O43 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2016-01
New Economics Papers: this item is included in nep-gro, nep-his, nep-hme, nep-hpe, nep-pke and nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5)

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Persistent link: https://EconPapers.repec.org/RePEc:mlb:wpaper:2019

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