Institutions, Transaction Costs and Economic Growth
Economic Inquiry, 1987, vol. 25, issue 3, 419-28
This essay develops a theoretical framework which explores the historical obstacles to economic growth. These obstacles are examined in the context of the political/economic institutional framework of economies in history and consequent transaction costs that determine economic performance and growth. The essay concludes with specific suggestions for the study of economic growth. Copyright 1987 by Oxford University Press.
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