Modern Austrian School on Institutions, Development Problems and the Role of the Economist

A. Zaostrovtsev ()

Voprosy Ekonomiki, 2015, issue 7

Abstract: The article deals with the classification of institutions by the reporesentatives of modern Austrian economic school and its meaning for understanding the problems of development economics. The especially important role of institu- tional stickiness in the initially alien social environment is emphasized. Attention is drawn to the fact that the intention to impute progressive institutions in a backward country without adjustment to its endogenous institutions or chang- ing the latter by formation of new beliefs may lead to their rejection. On this basis the modern Austrian school sees the economist not as an engineer, but as a researcher and beliefs affecting educator.

Date: 2015
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Persistent link: https://EconPapers.repec.org/RePEc:nos:voprec:y:2015:id:95

DOI: 10.32609/0042-8736-2015-7-73-86

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