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On economic growth and development

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  • E. Colombatto

Abstract

The paper offers a subjectivist approach to economic growth and an institutional view of development. In particular, the term development regards the prevailing rules of the game and their effects on the key variables for economic activity to take off: property rights and productive entrepreneurship. And growth is deemed to be the result of favourable institutional environments where chances are exploited and individuals succeed in improving their living conditions. Methodological and normative investigation questions the validity of the recent and increasing literature on institutional design, where institutional economics actually plays only a modest role. Copyright Springer Science + Business Media, LLC 2006

Suggested Citation

  • E. Colombatto, 2006. "On economic growth and development," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 19(4), pages 243-260, December.
    • Handle: RePEc:kap:revaec:v:19:y:2006:i:4:p:243-260
    DOI: 10.1007/s11138-006-9247-x
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    References listed on IDEAS

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    11. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472, Elsevier.
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    Cited by:

    1. Alexander Cotte, Poveda, 2011. "Economic development and growth in Colombia: An empirical analysis with super-efficiency DEA and panel data models," Socio-Economic Planning Sciences, Elsevier, vol. 45(4), pages 154-164, December.
    2. Pierre Garello, 2006. "Removing Some Obstacles to a Better Understanding of the Trade-Growth Relationship: How Can We Deal with the Race-to-the Bottom Argument?," CAE Working Papers 39, Aix-Marseille Université, CERGAM.

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