Economic Policy for Development and the New Institutional Economics

• Autorzy: Tomasz Legiedz
• Języki publikacji: EN

Abstrakty

EN

Motivation: Economists have increasingly emphasized the importance of institutions as a fundamental factor for economic development. However, too frequently institutional approach used in economics is simplified, both from the starting point in defining an institution and during the analysis itself. Aim: The aim of this article is to summarise the current state of knowledge on the use of the institutional perspective in the research on the economic development of developing countries. Materials and methods: The analysis is conducted from the perspective of the new institutional economics. The article uses the qualitative analysis method that includes a literature review and descriptive analysis. Results: The first part briefly describes the contribution of the new institutional economics to the research on the economic development. The second part demonstrates how the institutional perspective is used in the mainstream economics, while the third, how it is used in the development economics. Although the contribution of the new institutional economics to the development theory is significant, in practice, it is very difficult to provide clear guidelines for development policy. This is the reason why there is a huge difference between researching economic development in the spirit of the new institutional economics and how institutions are implemented in the mainstream and development economics. (original abstract)

Słowa kluczowe

PL

Ekonomia rozwoju; Rozwój gospodarczy; Ekonomia instytucjonalna

EN

Development economist; Economic development; Institutional economics

• Czasopismo: Catallaxy
• Rocznik: 2020
• Numer: vol. 5, iss. 2
• Strony: 61-73

Twórcy

autor

Tomasz Legiedz

• University of Lodz, Poland

Bibliografia

• Acemoglu, D. (2004). Lionel Robbins lectures: understanding institutions. Retrieved 12.12.2020 from https://economics.mit.edu/files/1353.
• Acemoglu, D., & Robinson, J.A. (2010). The role of institutions in growth and development. In D. Brady, & M. Spence (Eds.), Leadership and Growth. Washington: World Bank. doi:10.1596/978-0-8213-8100-7.
• Acemoglu, D., & Robinson, J.A. (2012). Why nations fail: the origins of power, prosperity, and poverty. New York: Crown.
• Acemoglu, D., & Robinson, J.A. (2015). The rise and decline of general laws of capitalism. Journal of Economic Perspectives, 29(1). doi:10.1257/jep.29.1.3.
• Acemoglu, D., & Robinson, J.A. (2016). Paths to inclusive political institutions. In J. Eloranta, E. Golson, A. Markevich, & N. Wolf (Eds.), Economic history of warfare and state formation. Singapore: Springer. doi:10.1007/978-981-10-1605-9_1.
• Acemoglu, D., Johnson, S., & Robinson, J.A. (2005). Institutions as a fundamental cause of long-run growth. In P. Aghion, & S.N. Durlauf (Eds.), Handbook of economic growth. Amsterdam: Elsevier. doi:10.1016/S1574-0684(05)01006-3.
• Araral, E. (2014). Policy and regulatory design for developing countries: a mechanism design and transaction cost approach. Policy Sciences, 47(3). doi:10.1007/s11077-013-9192-z.
• Baland, J.-M., Bourguignon, F., Platteau, J.-P., & Verdier, T. (2020). Economic development and institutions: an introduction. In J.-M. Baland, F. Bourguignon, J.-P. Platteau, & T. Verdier (Eds.), The handbook of economic development and institutions. Princeton: Princeton University Press. doi:10.2307/j.ctvm7bbxr.4.
• Bhatt, N., & Tang, S.-Y. (1998). The problem of transaction costs in group-based microlending: an institutional perspective. World Development, 26(4). doi:10.1016/S0305-750X(98)00007-2.
• Buckley, R.M. (1989). Housing finance in developing countries: a transaction cost approach. The World Bank Policy Research Working Paper Series, 347.
• Cameron, J.D. (2004). The World Bank and the new institutional economics. Latin American Perspectives, 31(4). doi:10.1177/0094582x0403100408.
• Chang, H.-J. (2007). Institutional change and economic development. Anthem Press.
• Chang, H.-J. (2011). Institutions and economic development: theory, policy and history. Journal of Institutional Economics, 7(4). doi:10.1017/S1744137410000378.
• Chobanov, G., & Egbert, H. (2007). The rise of the transaction sector in the Bulgarian economy. Comparative Economic Studies, 49(4). doi:10.1057/palgrave.ces.8100226.
• Coase, R.H. (1992). The institutional structure of production. American Economic Review, 82(4).
• Dixit, A. (2003). Some lessons from transaction-cost politics for less-developed countries. Economics and Politics, 15(2). doi:10.1111/1468-0343.00118.
• Dollery, B., & Leong, W.H. (1998). Measuring the transaction sector in the Australian Economy: 1911?1991. Australian Economic History Review, 38(3). doi:10.1111/1467-8446.00031.
• Dzionek-Kozłowska, J., & Matera, R. (2016). O poszukiwaniu przyczyn bogactwa i nędzy narodów w teorii Darona Acemoglu i Jamesa A. Robinsona. Gospodarka Narodowa, 5. doi:10.33119/GN/100758.
• Greif, A. (1993). Contract enforceability and economic institutions in early trade: the Maghribi traders? coalition. American Economic Review, 83(3).
• Greif, A. (2006). Institutions and the path to the modern economy: lessons from medieval trade. Cambridge: Cambridge University Press. doi:10.1017/CBO9780511791307.
• Heydemann, S. (2008). Institutions and economic performance: the use and abuse of culture in new institutional economics. Studies in Comparative International Development, 43(1). doi:10.1007/s12116-007-9015-3.
• Jack, W., & Suri, T. (2014). Risk sharing and transactions costs: evidence from Kenya?s mobile money revolution. American Economic Review, 104(1). doi:10.1257/aer.104.1.183.
• Kaufmann, D., Kraay, A., & Mastruzzi, M. (2009). Governance matters VIII: aggregate and individual governance indicators 1996?2008. Social Science Research Network. doi:10.1596/1813-9450-4978.
• Key, N., Sadoulet, E., & de Janvry, A. (2000). Transactions costs and agricultural household supply response. American Journal of Agricultural Economics, 82(2). doi:10.1111/0002-9092.00022.
• Kherallah, M., & Kirsten, J. (2002). The new institutional economics: applications for agricultural policy research in developing countries. Agrekon, 41(2). doi:10.1080/03031853.2002.9523589.
• Legiedz, T. (2019a). The transition from limited access orders to open access orders in the post-communist Europe. Communist and Post-Communist Studies, 52(3). doi:10.1016/j.postcomstud.2019.07.003.
• Legiedz, T. (2019b). From limited access to open access order in Taiwan. Journal of the Asia Pacific Economy, 24(1). doi:10.1080/13547860.2018.1503767.
• Lin, J.Y. (2012). New structural economics: a framework for rethinking development. Washington: World Bank. doi:10.1596/978-0-8213-8955-3.
• North, D.C. (1990). Institutions, institutional change, and economic performance. Cambridge: Cambridge University Press. doi:10.1017/CBO9780511808678.
• North, D.C. (1997). The new institutional economics and third world development. In J. Harriss, J. Hunter, & C. M. Lewis (Eds.), The New Institutional Economics and Third World Development. London: Routledge.
• North, D.C. (2000). A revolution in economics. In C. Ménard (Ed.), Institutions, contracts and organizations: perspectives from new institutional economics. Northampton: Edward Elgar Publishing.
• North, D.C. (2005). Understanding the process of economic change. Princeton: Princeton University Press. doi:10.1515/9781400829484.
• North, D.C., Wallis, J.J., & Weingast, B.R. (2009). Violence and social orders: a conceptual framework for interpreting recorded human history. Cambridge: Cambridge University Press. doi:10.1017/CBO9780511575839.
• North, D.C., Wallis, J.J., Webb, S.B., & Weingast, B.R. (2013). In the shadow of violence: politics, economics, and the problems of development. Cambridge: Cambridge University Press. doi:10.1017/CBO9781139013611.
• Ouma, E., Jagwe, J., Obare, G.A., & Abele, S. (2010). Determinants of smallholder farmers? participation in banana markets in Central Africa: the role of transaction costs. Agricultural Economics, 41(2). doi:10.1111/j.1574-0862.2009.00429.x.
• Piasecki, R. (2007). Ewolucja teorii rozwoju gospodarczego krajów biednych. In R. Piasecki (Ed.), Ekonomia Rozwoju. Warszawa: PWE.
• Rodrik, D. (1997). Has globalization gone too far. Washington: Institute for International Economics.
• Rodrik, D. (2006). Goodbye Washington consensus, hello Washington confusion: a review of the World Bank?s economic growth in the 1990s: learning from a decade of reform. Journal of Economic Literature, 44(4). doi:10.1257/jel.44.4.973.
• Rodrik, D. (2007). One economics, many recipes: globalization, institutions, and economic growth. Princeton: Princeton University Press. doi:10.2307/j.ctvcm4jbh.
• Roland, G. (2016). Development economics. New York: Routledge. doi:10.4324/9781315510576.
• Sara, T., & Newhouse, B. (1995). Transaction costs and foreign direct investment in developing countries. International Advances in Economic Research, 1(4). doi:10.1007/BF02295784.
• Shirley, M. (2005). Institutions and development. In C. Ménard, & M. Shirley (Eds.), Handbook of new institutional economics. Boston: Springer.
• Shirley, M. (2008). Institutions and development. Cheltenham: Edward Elgar. doi:10.4337/9781848443990.
• Shirley, M. (2011). What should be the standards for scholarly criticism. Journal of Institutional Economics, 7(4). doi:10.1017/S1744137410000469.
• Soto, H. De. (2000). The mystery of capital: why capitalism triumphs in the west and fails everywhere else. Basic Books.
• Staal, S., Delgado, C., & Nicholson, C. (1997). Smallholder dairying under transactions costs in East Africa. World Development, 25(5). doi:10.1016/S0305-750X(96)00138-6.
• Stiglitz, J.E. (2002). Globalization and its discontents. London: Penguin.
• Stiglitz, J.E. (2005). More instruments and broader goals: moving toward the post-Washington consensus. In Wider perspectives on global development. London: Palgrave Macmillan. doi:10.1057/9780230501850_2.
• Sulejewicz, A., & Graca-Gelert, P. (2009). Kształtowanie się poziomu kosztów transakcyjnych w Polsce w latach 1996?2002. In R. Rapacki (Ed.), Wzrost gospodarczy w krajach transformacji: konwergencja czy dywergencja. Warszawa: PWE.
• Toye, J. (1997). The new institutional economics and its implications for development theory. In J. Harriss, J. Hunter, & C.M. Lewis (Eds.), The new institutional economics and third world development. London: Routledge.
• Wallis, J.J. (2011). Deconstructing the dominant discourse: Chang on institutions and development. Journal of Institutional Economics, 7(4). doi:10.1017/S1744137411000099.
• Wallis, J.J., & North, D.C. (1992). Measuring the transaction sector in the American economy: 1870?1970. In S.L. Engerman, & R.E. Gallman (Eds.), Long-term factors in American economic growth. Chicago: University of Chicago Press.
• Wang, N. (2003). Measuring transaction costs: an incomplete survey. Roland Coase Institute Working Paper Series, 2.
• Williamson, J. (1990). What Washington means by policy reform. In J. Williamson (Ed.), Latin American adjustment: how much has happened. Washington: Institute for International Economics.
• Winter-Nelson, A., & Temu, A. (2002). Institutional adjustment and transaction costs: product and inputs markets in the Tanzanian coffee system. World Development, 30(4). doi:10.1016/S0305-750X(01)00126-7.
• World Bank. (2005). Economic growth in the 1990s: learning from a decade of reform. doi:10.1596/0-8213-6043-4.
• World Bank. (2020). Doing business 2020: comparing business regulation in 190 economies. doi:10.1596/978-1-4648-1440-2.

Identyfikatory

DOI

10.24136/cxy.2020.006