Rule and Policy Spaces and Economic Progress: Lessons for Third World Countries

Gerald W Scully

Public Choice, 1997, vol. 90, issue 1-4, 24 pages

Abstract: Despite greater rates of capital accumulation, per capita growth rates among third world nations (particularly, Africa) are much lower than among the advanced, capitalist nations. In this paper, the author examines the critical roles of the rule space and policy on economic growth. Empirically, nations with poor institutions and policies grow at about a fifth of the rate of nations with good institutions and policies. Copyright 1997 by Kluwer Academic Publishers

Date: 1997
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