ARE THE INSTITUTIONS IMPORTANT FOR THE ECONOMIC GROWTH?

Shenaj Hadzimustafa

Abstract


In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The theme of the new research is that institutions exert a profound influence on economic development.
This literature tries to explain what institutions are, how they arise, what purposes they serve, how they change and how they may be reformed. Special attention is paid on the role that institutions have on the economic
growth and the key institutions for that, at the same time giving answer to the ione of the frequently asked question, and that is: Why some countries are rich and others poor.

Keywords


institutions, organizations, transition economies, economic development

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References


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