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Institutions First

Peter J. Boettke

George Mason University - Department of Economics

Alexander Fink

University of Leipzig

January 20, 2011

Journal of Institutional Economics, Forthcoming

Chang (2011) raises doubts about the effects of institutions on economic development and questions the positive effects of entirely free markets based on secure private property rights. We respond by stressing that institutions structure the incentives underlying individual action, secure private property rights are indispensable for prosperity, institutions have a first-order effect whereas policies only have a second-order effect, successful institutional change comes from within a society, and given the status quo of developing countries first-world institutions are likely not to be available to them.

Number of Pages in PDF File: 7

Keywords: Institutions, Economic Development, Property Rights

JEL Classification: O12, O40, P48, D02

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Date posted: December 8, 2010 ; Last revised: January 23, 2011

Suggested Citation

Boettke, Peter J. and Fink, Alexander, Institutions First (January 20, 2011). Journal of Institutional Economics, Forthcoming. Available at SSRN: https://ssrn.com/abstract=1721157

Contact Information

Peter J. Boettke
George Mason University - Department of Economics ( email )
4400 University Drive
Fairfax, VA 22030
United States
703-993-1149 (Phone)
703-993-1133 (Fax)
Alexander Fink (Contact Author)
University of Leipzig ( email )
Grimmaische Str. 12
Leipzig, 04109
HOME PAGE: http://www.alexander-fink.com
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