A REVIEW OF THE RECENT LITERATURE ON THE INSTITUTIONAL ECONOMICS ANALYSIS OF THE LONGâ€ RUN PERFORMANCE OF NATIONS
Peter Lloyd and
Cassey Lee ()
Journal of Economic Surveys, 2018, vol. 32, issue 1, 1-22
This paper reviews the recent (postâ€ 2000) literature that assesses the importance of institutions as a factor determining crossâ€ country differences in growth rates or in the contemporary level of â€œprosperity.â€ 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 longâ€ run growth and prosperity is still a wide open question.
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