A Review of the Recent Literature on the Institutional Economics Analysis of the Long-Run Performance of Nations
Lee, Cassey; Lloyd, Peter | January 2016
This paper reviews the recent (post-2000) literature which assesses the importance of institutions as a factor determining cross-country differences in growth rates or in the contemporary level of “prosperity”. It first sketches how institutional economics has evolved. It then examines critically the methods of analysis employed in the recent literature. The paper finds that this literature has made a major contribution to the analysis of the causes of economic growth but the relative importance of institutions as a determinant of long-run growth and prosperity is still a wide open question.
CitationLee, Cassey; Lloyd, Peter. 2016. A Review of the Recent Literature on the Institutional Economics Analysis of the Long-Run Performance of Nations. © ISEAS Yusof Ishak Institute. http://hdl.handle.net/11540/6401.
Gross domestic product
Regional Economic Development
Open price system
Consumer price indexes
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