On the role of social rules in economic development: historical perspectives

Jean-Paul Chavas ()
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Jean-Paul Chavas: Taylor Hall, University of Wisconsin

Evolutionary and Institutional Economics Review, 2023, vol. 20, issue 1, No 6, 123-139

Abstract: Abstract This paper explores the role of social rules in economic development. It reviews the historical evidence on social rules and their linkages with human capital. We present supporting evidence from the historical evolution of four important aspects of society: (1) improved dispute resolution mechanisms; (2) the elimination of debt bondage; (3) reductions in the severity of punishments; and (4) the development of limited liability rules and their linkages with the rise of the modern corporation. In each case, we evaluate how social rules have evolved to protect human capital and support economic development.

Keywords: Social rules; Economic development; Historical evidence; Human capital; O10; O43; N2; K4 (search for similar items in EconPapers)
Date: 2023
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DOI: 10.1007/s40844-023-00250-2

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