Institutions and Development

Mary M. Shirley ()
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Mary M. Shirley: The Ronald Coase Institute

Chapter 24 in Handbook of New Institutional Economics, 2008, pp 611-638 from Springer

Abstract: Developed countries are the exception, not the rule. Billions of dollars of aid and countless hours of advice notwithstanding, most countries have not been able to foster sustained growth and social progress. Increasingly research has shown that weak, missing or perverse institutions are the roots of underdevelopment. Other explanations for development, such as investment, technological innovation, or years of schooling are not correlated with higher rates of economic growth (Easterly 2002). Instead, cross-country regressions persistently demonstrate large and statistically significant correlations between institutional variables and growth, and in horse races between variables, an index of institutional quality “trumps” geography or trade as an explanation for growth (Rodrik, et al. 2002).

Keywords: Institutional Change; Institutional Economic; Institutional Quality; Political Competition; Institutional Variable (search for similar items in EconPapers)
Date: 2008
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DOI: 10.1007/978-3-540-69305-5_25

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