Chapter III: growth and institutions.

From: World Economic Outlook | Date: April 1, 2003| Author: | Copyright information

The importance of institutions for economic development and growth has long been understood--emphasized, for example, in the writings of Adam Smith and, more recently, David Landes (1998), and recognized in the 1993 Nobel Prize awarded to Douglass North. In the past few years, however, there has been a resurgence of interest in this subject, including research into the sources of institutional differences across countries, the channels through which institutions may affect economic performance, and the quantitative importance of these links.

Motivating much of this work is the ...

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