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WIDER Research Paper 2006/05 Understanding the Relationship ...

Source: www.wider.unu.edu
Topic: Economic Development

Sort Desciption: institutions and economic development extremely complicated. Any theorisation of the. role of institutions and economic development will have to accept this ...

Content Inside: Copyright UNU-WIDER 2006 * Faculty of Economics University of Cambridge. This study has been prepared within the UNU-WIDER project on Institutions for Economic Development: Theory History and Contemporary Experiences directed by Ha-Joon Chang. UNU-WIDER acknowledges the financial contributions to the research programme by the governments of Denmark (Royal Ministry of Foreign Affairs) Finland (Ministry for Foreign Affairs) Norway (Royal Ministry of Foreign Affairs) Sweden (Swedish International Development Cooperation Agency Sida) and the United Kingdom (Department for International Development). Discussion Paper No. 2006/05 Understanding the Relationship between Institutions and Economic Development Some Key Theoretical Issues Ha-Joon Chang* July 2006 Abstract The paper tries to improve our understanding on the role of institutions in development by critically examining the current orthodox discourse on institutions and highlighting some of its key problems. After discussing some definitional problems the chapter examines a number of problems in the orthodox literature arising from the widespread failure to distinguish between the forms and the functions of institution. Then it critically examines the excessive emphasis on property rights in the orthodox literature. Finally it discusses a number of problems that arise from the simplistic view on institutional change that underlies the orthodox view on institutional persistence. Keywords: institutions forms and functions institutional change property rights JEL classification: B52 D02 P14 The World Institute for Development Economics Research (WIDER) was established by the United Nations University (UNU) as its first research and training centre and started work in Helsinki Finland in 1985. The Institute undertakes applied research and policy analysis on structural changes affecting the developing and transitional economies provides a forum for the advocacy of policies leading to robust equitable and en ...

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