Institutions, Transaction Costs and Productivity in the Long Run
Economic History from University Library of Munich, Germany
The argument of this essay is that the immense productivity increases resulting from technological developments of the past century and a half could only be realized by fundamental changes in the institutional and organizational structure--a supply side argument; and that the consequent tensions induced by the resulting societal transformation have resulted (and are continuing to result) in politically-induced fundamental changes in the institutional structure to mitigate these tensions--a demand side argument. Both the supply side and demand side institutional changes have been and continue to be fundamental influences on productivity change.
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpeh:9309004
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