The Role of Institutions in Economic Development

Douglass North

No 2003_2, ECE Discussion Papers Series from UNECE

Abstract: This paper provides the text of the Gunnar Myrdal Lecture presented at the U.N. Palais des Nations in 2003. The lecture suggests that the gaps in income per capita between richer and poorer countries largely reflect the quality of their institutions. Institutions, by reducing uncertainty, are the key to facilitating cooperation which allows the realization of the gains from trade and exchange and the advantages of increasing specialization. It is argued that there is no single strategy for institutional design that will fit all countries.

Keywords: Myrdal; institutions; comparative economic performance (search for similar items in EconPapers)
JEL-codes: A13 B15 B52 H10 N10 P51 (search for similar items in EconPapers)
Pages: 11 pages
Date: 2003-10
References: Add references at CitEc
Citations: View citations in EconPapers (36)

Published in UNECE Discussion Paper Series, No. 2003_2

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