Economic Systems of OECD Nations: Impact and Evolution

Frederic L. Pryor ()

Papers on Economics and Evolution from Philipps University Marburg, Department of Geography

Abstract: This essay argues that economic systems should be defined in terms of clusters of complementary institutions. To show how such an approach can be carried out, I use a cluster analysis technique and data on forty different economic institutions in OECD nations to isolate four quite different economic systems. After specifying the most important institutional clusters in each system, I then examine what impact these economic systems have on various indicators of economic performance. Finally, I show how such an approach allows particular evolutionary patterns of the systems to be analyzed.

Keywords: economic system; economic institutions; OECD nations; economic performance (search for similar items in EconPapers)
JEL-codes: C40 P10 P51 (search for similar items in EconPapers)
Pages: 45 pages
Date: 2004-10
New Economics Papers: this item is included in nep-pke
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