Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/67313
Authors: 
Iyigun, Murat
Year of Publication: 
2012
Series/Report no.: 
Discussion Paper Series, Forschungsinstitut zur Zukunft der Arbeit 6934
Abstract: 
New institutionalism has had considerable success during the last decade in shepherding the debate on sustained economic development. If the sociopolitical, legal and economic transformations in the Anglo-Saxon world in the last three decades prove anything, however, it is that the late Mancur Olson deserves some long overdue credit. For the relevant question now is why have some constitutional democracies deteriorated to the point of chronic dysfunction with their checks and balances failing. New institutionalists then ought to come to terms with the fact that, in the interest of credible empirical identification, they too narrowly defined what Northian institutions entail. As a matter of fact, political, legal and economic institutions are highly malleable even in advanced economies, while sustained economic growth could well be deep rooted in individual beliefs, social norms and informal cultural organizations.
Subjects: 
institutions
economic growth
development
JEL: 
O11
O57
N10
Document Type: 
Working Paper

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