A Review of the Recent Literature on the Institutional Economics Analysis of the Long‐Run Performance of Nations

22 Pages Posted: 16 Jan 2018

See all articles by Peter Lloyd

Peter Lloyd

University of Melbourne - Department of Economics

Cassey Lee

Institute of Southeast Asian Studies (ISEAS), Singapore

Date Written: February 2018

Abstract

This paper reviews the recent (post‐2000) literature that assesses the importance of institutions as a factor determining cross‐country differences in growth rates or in the contemporary level of “prosperity.” It first sketches how institutional economics has evolved. It then examines critically the methods of analysis employed in the recent literature. The paper finds that this literature has made a major contribution to the analysis of the causes of economic growth but the relative importance of institutions as a determinant of long‐run growth and prosperity is still a wide open question.

Keywords: Institutions, Instruments, Long‐run performance, Policies

Suggested Citation

Lloyd, Peter John and Lee, Cassey, A Review of the Recent Literature on the Institutional Economics Analysis of the Long‐Run Performance of Nations (February 2018). Journal of Economic Surveys, Vol. 32, Issue 1, pp. 1-22, 2018, Available at SSRN: https://ssrn.com/abstract=3102593 or http://dx.doi.org/10.1111/joes.12186

Peter John Lloyd (Contact Author)

University of Melbourne - Department of Economics ( email )

Melbourne, 3010
Australia

HOME PAGE: http://melbecon.unimelb.edu.au/staffprofile/plloyd/home.html

Cassey Lee

Institute of Southeast Asian Studies (ISEAS), Singapore

30 Heng Mui Keng Terrace
Pasir Panjang 119614
Singapore

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