Institutions? - Высшая школа экономики

Institutions and economic development: What we
know about it?
Key words: institution, organization, economic development; economic growth
Edgar Demetrio Tovar-García
Высшая школа экономики, Москва
www.hse.ru
Institutions?
1.Formal institutions
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2.Informal institutions
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3.Organizations
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Высшая школа экономики, Москва
Программная инженерия
Высшая школа экономики, Москва
Программная инженерия
“Rules of the
Game”
Institutions matter!
Высшая школа экономики, Москва
Программная инженерия
(Menard and Shirley, 2011: 33)
Высшая школа экономики, Москва
Institutions and Economic
Development
Why are some
countries rich and
others poor?
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Высшая школа экономики, Москва,
Программная инженерия
𝐺𝐷𝑃 = 𝛽0 + 𝛽1 𝐶𝐴𝑃𝐼𝑇𝐴𝐿 + 𝛽2 𝐿𝐴𝐵𝑂𝑅 + 𝑢
Высшая школа экономики, Москва
Программная инженерия
“North’s research changed many
economists’ view of development
from a process of growth spurred
by new technology and capital
accumulation to a dynamic
process of institutional change”
(Menard and Shirley, 2011: 3)
Высшая школа экономики, Москва
Программная инженерия
“Third World countries are poor
because
the
institutional
constraints define a set of
payoffs to political/economic
activity that do not encourage
productive activity” (North, 1990:
110).
Высшая школа экономики, Москва
Программная инженерия
“In addition
to capital accumulation, being
developed
economically
entails
having
sophisticated economic organizations and
credible enforcement of property rights and
other contractual commitments. Similarly,
being developed politically entails having rule
of law, a constitutional setting in which all
major players accept changes of power,
effective legal recognition of organizational
rights independently of who is in power, and
state control of organized violence.” (North et
al. 2009, p. 3)
Высшая школа экономики, Москва
Empirical Evidence
Robert E. Hall & Charles I. Jones, 1999. "Why Do
Some Countries Produce So Much More Output Per
Worker Than Others?,"The Quarterly Journal ofфото
Economics, MIT Press, vol. 114(1), pages 83-116,
February.
Output per worker varies enormously across
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countries, why?
• Physical capital and educational attainment can only
partially explain the variation in output per worker
• Productivity, and therefore output per worker are
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driven by differences in institutions and government
policies
Высшая школа экономики, Москва,
Программная инженерия
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Высшая школа экономики, Москва
Программная инженерия
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Высшая школа экономики, Москва
Программная инженерия
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Высшая школа экономики, Москва
2) DaronПрограммная
Acemoglu & Simon
инженерия
Johnson & James A. Robinson, 2001.
"The Colonial Origins of Comparative Development: An
Empirical Investigation," American Economic Review, American
Economic Association, vol. 91(5), pages 1369-1401, December.
Which are the effects of institutions on economic
performance?
Effects of institutions on income per capita?
Europeans adopted very different colonization policies
in different colonies, with different associated
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institutions. In places where Europeans faced high
mortality rates, they could not settle and were more
likely to set up extractive institutions. These
institutions persisted to the present.
Высшая школа экономики, Москва
Программная инженерия
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Высшая школа экономики, Москва
Программная инженерия
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Высшая школа экономики, Москва
Программная инженерия
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Высшая школа экономики, Москва
Программная инженерия
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Высшая школа экономики, Москва
Программная инженерия
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Высшая школа экономики, Москва
Программная инженерия
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Высшая школа экономики, Москва
Political markets
“Political markets are more prone to
inefficiency than economic markets. The cost
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of measuring and enforcing agreements
higher in political markets, North argued,
because what is being exchanged – promises
for votes – is inherently difficult to measure.
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Voters may find it hard to judge if the actions
of their representatives produce outcomes that
favor voter interests; voters may not even
know what their interests are under certain
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policy choices” (Menard and Shirley, 2011:
7).
Высшая школа экономики, Москва,
Conclusion
Institutions
matter!
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