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Knowledge and the theory of institutional change

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  • EGGERTSSON, THRÁINN

Abstract

Modern theory identifies several sources of economic growth, such as capital accumulation, new techniques, secure property rights and contracts, and absence of rent seeking. This paper introduces new social technologies as yet another source of growth and emphasizes our incomplete knowledge of social systems. I introduce a framework for analyzing institutional policy and use the case of modern biotechnology to explain how uncertainty about social technologies, persuasion, and competing beliefs influence the evolution of property rights.

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  • Eggertsson, Thráinn, 2009. "Knowledge and the theory of institutional change," Journal of Institutional Economics, Cambridge University Press, vol. 5(2), pages 137-150, August.
    • Handle: RePEc:cup:jinsec:v:5:y:2009:i:02:p:137-150_00
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    Cited by:

    1. Oleg S. Sukharev, 2022. "Institutional adjustments in management: A theoretical-methodological approach," Upravlenets, Ural State University of Economics, vol. 13(1), pages 37-48, March.
    2. Iizuka, Michiko & Katz, Jorge, 2012. "Globalization and the changing institution for sustainability: The case of the Salmon farming industry in Chile," MERIT Working Papers 2012-063, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    3. Michiko Iizuka & Jorge Katz, 2015. "Globalisation, Sustainability and the Role of Institutions: The Case of the Chilean Salmon Industry," Tijdschrift voor Economische en Sociale Geografie, Royal Dutch Geographical Society KNAG, vol. 106(2), pages 140-153, April.

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