Institutional Hysteresis and the Performance of the British Economy after 1914

Mark Setterfield

Chapter 8 in Rapid Growth and Relative Decline, 1997, pp 144-161 from Palgrave Macmillan

Abstract: Abstract Chapter 5 stressed that in a model of institutional hysteresis, institutions are best regarded as evolutionary, path dependent phenomena which may not be efficient in the sense of being functional to the growth dynamics of a capitalist economy. It was shown that inefficiency may arise due to either the persistence or creation of inefficient institutions over time.

Keywords: Trade Union; Industrial Relation; Labour Movement; Piece Rate; Macroeconomic Performance (search for similar items in EconPapers)
Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37587-1_8

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DOI: 10.1057/9780230375871_8

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