Institutional quality and income per capita: a survey of empirical results

Since Adam Smith, economists have stressed the role of the protection of property rights, the enforcement of contracts, political stability and the lack of corruption in economic growth. Nevertheless, until recently, scholars were not able to estimate to what extent institutions could explain the differences in per capita income among countries. This article presents the breakthroughs needed to allow these estimations, and it surveys the conclusions of the empirical studies that have analysed the contribution of institutional quality on economic growth.

Journal: 
12
Authors: 
Asier Minondo
Attached file: 

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