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The Economics of Institutions and the Sources of Growth
Ist Teil von
The Economic journal (London), 1986-12, Vol.96 (384), p.903-918
Ort / Verlag
Cambridge: Cambridge University Press
Erscheinungsjahr
1986
Link zum Volltext
Quelle
Business Source Ultimate
Beschreibungen/Notizen
In recent decades, the economics of institutions has become one of the liveliest areas in economics. A body of thinking has evolved based on the understandings that institutions do matter and the determinants of institutions are susceptible to analysis by the tools of economic theory. A system of institutions is described as the set of rights and obligations in force, or in the area of economics, as defining what markets exist and how economic relations are regulated in areas where markets do not exist. Therefore, the objective of the economic agent is to minimize the sum of transaction costs and production costs, which may involve trade-offs between the 2. An area of application of the economics of institutions is given in the contribution of institutional change to economic growth. Economic growth is identified with income per head, and it is assumed that a Pareto-improvement conduces to economic growth so defined.