Institutional Rigidities and Economic Growth

Geoffrey Hodgson ()

Cambridge Journal of Economics, 1989, vol. 13, issue 1, 79-101

Abstract: This paper involves a critical discussion of Nicholas Kaldor's contribution to the theory of economic growth, and the associated Verdoorn Law. As well as Kaldor's theory, prominent rival theories, such as the diffusion hypothesis of S. Gomulka and the neo-Marxist model proposed by S. Bowles et al., are found wanting. An alternative approach is developed based on the nature and role of institutions in modern economies, and their function in encapsulating or transmitting both codifiable and noncodifiable knowledge. Confirmation of this "institutional" theory of economic growth is provided by an econometric test using cross-section OECD data. Copyright 1989 by Oxford University Press.

Date: 1989
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