Institutions and Norms in Economic Development

Bibliographic Data

ID23401950
EditorsMark Gradstein, Kai A Konrad (0000-0002-2225-2271)
Year2007
Pages256
Publication date2007-06-08
Open AccessNo
TypeBOOK
VenueInstitutions and Norms in Economic Development (SOURCE_BOOK)
PublisherThe MIT Press (PUBLISHER • US)
DOI10.7551/mitpress/7462.001.0001
OpenAlexW1583091581
Open LibraryOL29594088M
ISBN9780262274197
LanguageEN
Citations received12

Experts address “the development puzzle”—unprecedented growth coupled with unequal distribution of that growth across different countries—and focus on the importance of institutional arrangements and norms and culture. Recent decades have seen almost unprecedented economic growth in income per capita around the world. Yet this extraordinary overall performance masks a wide variation in growth rates across different countries, with persistent underdevelopment in some parts of the world. This disparity constitutes “the development puzzle,” and it is exemplified by growth spurts in China and India that contrast markedly with disturbingly low growth rates in sub-Saharan Africa. In this volume, economists address issues of inequality and growth, going beyond narrowly defined “economic” factors to consider the effect on growth of the structure of governance, the quality of a country's governing bodies, and the social norms that govern collective decision-making. The contributors use both formal modeling and empirical analyses to examine how the “soft factors” of institutions and norms interact with growth performance, natural resource endowments, and economic performance. They consider such topics as the effects of decentralization in Africa, fiscal discipline in Indian states, natural resource wealth as a cause of corruption, social violence during the Indonesian financial crisis of 1997 and 1998, and the effect of strong national identity on redistributive politics. Some of their findings suggest that not only do institutions and norms affect economic performance, economic performance itself is a key factor in explaining such governance failures as corruption and the frequency and intensity of economic conflict.

Corporate governance · Development economics · Economic growth · Economic inequality · Economic system · Economics · Inequality · Language change · Per capita · Per capita income · Political science · Population · Sociology · Underdevelopment · Corruption and Economic Development · Culture, Economy, and Development Studies · Income, Poverty, and Inequality · Economic development · Economic policy

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