Ha-Joon Chang (2011), in his article ‘Institutions and Economic Development: Theory, Policy and History’, argues that economists place too much faith in ‘liberalized’ institutions. Institutions matter for growth, he contends, but not the way institutional economists think they do. In this article, we offer a defense of the hypothesis that ‘institutions matter’ for economic growth and present several objections to Chang’s arguments.
Read the full article at Cambridge Journals.
Citation (Chicago Style)
John, Arielle and Virgil Henry Storr. "Which institutions matter? Separating the chaff from the wheat." Journal of Institutional Economics, Vol. 7, No. 4, (2011): 583-588.