The Division of Labour and Institutions of Economic Development

Dic Lo
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Dic Lo: University of London

Chapter 4 in Alternatives to Neoliberal Globalization, 2012, pp 58-76 from Palgrave Macmillan

Abstract: Abstract Studies on economic institutions, or governance structures, as Williamson (1993) posits, aim to clarify attributes of comparative efficiency. But what is efficiency? And compared to what? In the final analysis, to be meaningful, efficiency must be defined in relation to general experiences of economic development. Hence the reasonable starting point for studies on economic institutions is neither the first principles of neoclassical economics nor the vision of individualistic rational choices and their equilibrium. It must be the theoretical summaries of general experiences of economic development, that is, development economics, or theories of economic growth broadly defined.

Keywords: Institutional Arrangement; Growth Path; Market System; Allocative Efficiency; Neoclassical Economic (search for similar items in EconPapers)
Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-36116-4_4

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DOI: 10.1057/9780230361164_4

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