Développement

François Facchini ()
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François Facchini: UP1 UFR02 - Université Paris 1 Panthéon-Sorbonne - École d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique

Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) from HAL

Abstract: Institutions are the prerequisite for productivity gains. Production growth is explained by productivity gains induced by specialization and the division of labor, but the latter only originates in exchange. A reduction in exchange costs then promotes economic development. However, institutions do not create wealth by themselves, and no decree can determine a country's development. The genius of economic development remains the entrepreneur, and entrepreneurship is a spirit, a mentality.

Date: 2011
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Published in L'Ecole Autrichienne de A à Z, 2011

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