Political Economy Approach of Institutional Research

Michelle Yan Liu

MPRA Paper from University Library of Munich, Germany

Abstract: Abstract Institutional research should be ready to move to the next stage, a stage that is, as argued by this paper, characterized by a more comprehensive approach integrating economics, politics, and social culture. The theoretical foundation for such a move exists, as the interconnection between political institutions and economic institutions has been addressed by North, Fukuyama, and Acemoglu, and the influences of cultural heritage on institutional choices have further been mentioned by North and Huntington. Another shift in institutional research proposed by this paper is a change from general to specific solutions because the institutional characteristics become individualized after considering the impacts of culture heritage. This paper presents the correlations between political and economic institutions and the unique characteristics of political orders taking different developmental paths using a data analysis based on the World Governance Index (WGI) and other development indicators. The paper also discusses the influences of cultural heritage on institution’s choice of transformation path and proposes a institutional research framework.

Keywords: Institutional Economics; Political Economy; Comparative Economic System; Comparative Political System; World Governance Index (WGI) (search for similar items in EconPapers)
JEL-codes: P16 P26 (search for similar items in EconPapers)
Date: 2016-10, Revised 2016-12
New Economics Papers: this item is included in nep-his, nep-pke and nep-pol
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:75939

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