Evolution Of “Rules Of The Game”, Macroeconomic Dynamics And Reform Policy

Stefanović Zoran
Additional contact information
Stefanović Zoran: University of Niš, Faculty of Economics, Serbia

Economic Themes, 2014, vol. 52, issue 4, 480-497

Abstract: The impact of institutional arrangements, the “rules of the game”, in terms of Douglass North’s definition, on macroeconomic dynamics has been largely detected in the economic-historical records. However, clarification of the nature of institutional currents and their relationship with the paths of economic growth is a challenge for contemporary economic theory. The paper will present a retrospective of the conceptualization of institutional change as a process that mimics the evolutionary systems, relying on relevant theoretical concepts and selective empirical material that is contained herein. In this sense, the paper gives insight into the important contributions reflecting on the relationship between instiutions and economic growth, the evolutionary theory of socio-economic changes and their possible implications for the current reform process. Total of argumentation offered in the paper indicates stability and inertia of institutional structures, whose dynamics is prone to path dependency. Insisting on universal reform solutions, neutral with respect to local circumstances in the process of stimulating economic growth, turns out to be ineffective.

Keywords: institutions; economic growth; evolution; liberalization; economic reforms; institucije; privredni rast; evolucija; liberalizacija; ekonomske reforme (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://doi.org/10.1515/ethemes-2014-0029 (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecothe:v:52:y:2014:i:4:p:480-497:n:6

DOI: 10.1515/ethemes-2014-0029

Access Statistics for this article

Economic Themes is currently edited by Marija Radosavljević

More articles in Economic Themes from Sciendo
Bibliographic data for series maintained by Peter Golla ().