Imperfect Institutions: Possibilities and Limits of Reform

Imperfect Institutions: Possibilities and Limits of Reform

by Thrainn Eggertsson
     
 

ISBN-10: 0472114565

ISBN-13: 9780472114566

Pub. Date: 04/20/2005

Publisher: University of Michigan Press

The emergence of New Institutional Economics toward the end of the twentieth century profoundly changed our ideas about the organization of economic systems and their social and political foundations. Imperfect Institutions explores recent developments in this field and pushes the discussion forward by allowing for incomplete knowledge of social systems and

Overview

The emergence of New Institutional Economics toward the end of the twentieth century profoundly changed our ideas about the organization of economic systems and their social and political foundations. Imperfect Institutions explores recent developments in this field and pushes the discussion forward by allowing for incomplete knowledge of social systems and unexpected system dynamics and, above all, by focusing explicitly on institutional policy. Empirical studies extending from Africa to Iceland are cited in support of the theoretical argument.

In Imperfect Institutions Thráinn Eggertsson extends his attempt to integrate and develop the new field that began with his acclaimed Economic Behavior and Institutions (1990), which has been translated into six languages. This latest work analyzes why institutions that create relative economic backwardness emerge and persist and considers the possibilities and limits of institutional reform.

Thráinn Eggertsson is Professor of Economics at the University of Iceland and Global Distinguished Professor of Politics at New York University. Previously published works include Economic Behavior and Institutions (1990) and Empirical Studies in Institutional Change with Lee Alston and Douglass North (1996).

Product Details

ISBN-13:
9780472114566
Publisher:
University of Michigan Press
Publication date:
04/20/2005
Series:
Economics, Cognition, and Society
Pages:
272
Product dimensions:
5.90(w) x 9.10(h) x 1.00(d)

Table of Contents

Introduction: Opportunities Lost1
Part IImperfect Institutions-Theory
Chapter 1Imperfect Institutions and Growth Theory in Modern Economics9
Chapter 2Barriers to Growth: Institutions and Social Technologies23
Chapter 3Competing Social Models34
Chapter 4Stable Poverty and Unstable Growth47
Chapter 5The Political Logic of Bad Economics59
Chapter 6Inefficient Social Norms74
Part IIEmpirical Interlude: Poverty Trap-A Case Study
Chapter 7Why Iceland Starved99
Part IIIInstitutional Policy
Chapter 8Applying Social Technologies: Lessons from the Old Theory of Economic Policy127
Chapter 9Degrees of Freedom in Institutional Reform138
Chapter 10Eluding Poverty Traps, Escaping History152
Chapter 11Minimal Property Rights and Legal Transplants174
Conclusion: The Subtle Art of Major Institutional Reform191
Notes203
Bibliography231
Author Index255
Subject Index261

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