Understanding the Relationship between Institutions and Economic Development: Some Key Theoretical Issues

Ha-Joon Chang

No DP2006-05, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: The paper tries to improve our understanding on the role of institutions in development by critically examining the current orthodox discourse on institutions and highlighting some of its key problems. After discussing some definitional problems, the chapter examines a number of problems in the orthodox literature arising from the widespread failure to distinguish between the forms and the functions of institution. Then it critically examines the excessive emphasis on property rights in the orthodox literature.

Keywords: Financial institutions; Institutional economics; Labour law; Right of property; Welfare state (search for similar items in EconPapers)
Date: 2006
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Citations: View citations in EconPapers (36)

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