Law, Informal Rules and Economic Performance

Svetozar Pejovich and Enrico Colombatto

in Books from Edward Elgar Publishing

Abstract: Capitalism has outperformed all other systems and maintained a positive growth rate since it began. Svetozar Pejovich makes the case within this book that a major reason for the success of capitalism lies in the efficiency-friendly incentives of its basic institutions, which continuously adjust the rules of the game to the requirements of economic progress. The analysis throughout is consistent and is supported by evidence. Key components of the proposed theory are the rule of law, the market for institutions, the interaction thesis, the carriers of change, and the process of changing formal and informal institutions.

Keywords: Economics and Finance; Law - Academic; Politics and Public Policy (search for similar items in EconPapers)
JEL-codes: H0 (search for similar items in EconPapers)
Date: 2008
ISBN: 9781845428730
References: Add references at CitEc
Citations: View citations in EconPapers (15)

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Chapters in this book:

Ch 1 The Game and the Rules of the Game

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Ch 2 Transaction Costs

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Ch 3 From the Middle Ages to Capitalism

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Ch 4 Capitalism and the Rule of Law

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Ch 5 The Law of Contract and the Judiciary

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Ch 6 The Economic Functions of the Constitution

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Ch 7 Private Property Rights

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Ch 8 Capitalism, Economic Freedom and Performance

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Ch 9 The Rule of Law and Capitalism: An Overview

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Ch 10 The Method of Analysis

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Ch 11 The Interaction Thesis

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Ch 12 The Carriers of Change: The Role of Entrepreneurs

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Ch 13 Formal Institutions

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Ch 14 Informal Institutions or Cultural Traditions: The Role of Pathfinders

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Ch 15 Efficiency-Friendly Institutional Change within the Structure of Tradition

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