Economic structures, institutions and economic performance
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- 作者：Collin Constantine
- 关键词：Economic structure ; Institutions ; Structural transformation ; Political power
- 刊名：Journal of Economic Structures
- 出版年：2017
- 出版时间：December 2017
- 年：2017
- 卷：6
- 期：1
- 全文大小：1125KB
- 刊物主题：Economics, general; Business and Management, general; Engineering, general; Statistics, general;
- 出版者：Springer Berlin Heidelberg
- ISSN：2193-2409
- 卷排序：6
文摘
The contention that “inclusive” institutions are the deep determinants of economic growth remains unsatisfactory. This paper develops an alternative theoretical and empirical case that economic structures are the fundamental cause of economic performance. Economic structures determine the rate of structural learning, affect institutional performance, influence the distribution of income and establish the direction of political transitions, thereby, economic performance. The paper highlights the feedback loops among institutions, political power and economic structures, thus, markets on their own will not ensure growth-enhancing transformations. The workings of this framework are illustrated using a USA case study, and it exposes the structural origins of the financial crisis.