Economic structures, institutions and economic performance

Collin Constantine ()

Journal of Economic Structures, 2017, vol. 6, issue 1, 1-18

Abstract: Abstract The contention that “inclusive” institutions are the deep determinants of economic growth remains unsatisfactory. This paper develops an alternative theoretical and empirical case that economic structures are the fundamental cause of economic performance. Economic structures determine the rate of structural learning, affect institutional performance, influence the distribution of income and establish the direction of political transitions, thereby, economic performance. The paper highlights the feedback loops among institutions, political power and economic structures, thus, markets on their own will not ensure growth-enhancing transformations. The workings of this framework are illustrated using a USA case study, and it exposes the structural origins of the financial crisis.

Keywords: Economic structure; Institutions; Structural transformation; Political power (search for similar items in EconPapers)
JEL-codes: O14 O17 O43 (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (30)

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Persistent link: https://EconPapers.repec.org/RePEc:spr:jecstr:v:6:y:2017:i:1:d:10.1186_s40008-017-0063-1

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DOI: 10.1186/s40008-017-0063-1

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