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The Decline and Rise of Institutions

Author

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  • Palagashvili,Liya
  • Piano,Ennio
  • Skarbek,David

Abstract

Institutions are the formal or informal 'rules of the game' that facilitate economic, social, and political interactions. These include such things as legal rules, property rights, constitutions, political structures, and norms and customs. The main theoretical insights from Austrian economics regarding private property rights and prices, entrepreneurship, and spontaneous order mechanisms play a key role in advancing institutional economics. The Austrian economics framework provides an understanding for which institutions matter for growth, how they matter, and how they emerge and can change over time. Specifically, Austrians have contributed significantly to the areas of institutional stickiness and informal institutions, self-governance and self-enforcing contracts, institutional entrepreneurship, and the political infrastructure for development.

Suggested Citation

  • Palagashvili,Liya & Piano,Ennio & Skarbek,David, 2017. "The Decline and Rise of Institutions," Cambridge Books, Cambridge University Press, number 9781316649176, November.
    • Handle: RePEc:cup:cbooks:9781316649176
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    3. Ilia Murtazashvili & Ennio E. Piano, 2019. "Governance of shale gas development: Insights from the Bloomington school of institutional analysis," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(2), pages 159-179, June.
    4. Harris,Colin & Cai,Meina & Murtazashvili,Ilia & Murtazashvili,Jennifer Brick, 2020. "The Origins and Consequences of Property Rights," Cambridge Books, Cambridge University Press, number 9781108969055, November.
    5. Ilia Murtazashvili & Jennifer Murtazashvili, 2019. "The political economy of legal titling," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(3), pages 251-268, September.

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