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- W2465898051 abstract "The 1991 conference, like others in this series on the New Institutional Economics has been concerned fundamentally with the role institutions play in shaping economic behavior. A consistent theme advanced by the new institutionalism is that institutional arrangements matter (Furubotn and Richter [1984, 2]) and, indeed, are responsible, in large degree, for the success a system has in achieving its social objectives. In the case of East European reconstruction, the emphasis, of course, must be on the development of a new structure of institutions that will serve to accelerate economic growth and promote greater welfare for the peoples of these formerly socialist regions. Fortunately, the hopes placed in institutional change are not without foundation. There is increasing evidence from historical experience that the explanation of economic performance must be based on something more than data on resource endowments, savings rates, population densities, etc. (North [1990]). Arguably, the critical factor determining economic growth is found in the nature of a country's institutions. Given the dramatic events that have taken place in Eastern Europe during the last few years, it is not surprising that economists and other scholars in the West have shown greater interest in the theory of economic systems. One manifestation of this increased concern can be seen in the substantial flow of current writings, both popular and professional, on comparative institutional analysis and the problems of transition to market capitalism. There is great willingness on the part of Western observers to proffer advice, and this predisposition to put forward policy suggestions is not necessarily bad in itself. The experts, however, are often far removed from the scene of action and, consequently, the practical value of the advice given should not be overestimated. We all have much to learn about the process of large-scale institutional restructuring. From a scientific standpoint, it is perhaps encouraging to see that, at the general level at least, there is considerable agreement concerning the reforms that are needed to bring about productivity enhancing changes to stagnant economies. While the various policies mentioned as crucial to reform may not" @default.
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- W2465898051 date "2016-01-01" @default.
- W2465898051 modified "2023-09-27" @default.
- W2465898051 title "Eastern European Reconstruction Problems: Some General Observations" @default.
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