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The Division of Labour and Institutions of Economic Development

In: Alternatives to Neoliberal Globalization

Author

Listed:
  • Dic Lo

    (University of London)

Abstract

Studies on economic institutions, or governance structures, as Williamson (1993) posits, aim to clarify attributes of comparative efficiency. But what is efficiency? And compared to what? In the final analysis, to be meaningful, efficiency must be defined in relation to general experiences of economic development. Hence the reasonable starting point for studies on economic institutions is neither the first principles of neoclassical economics nor the vision of individualistic rational choices and their equilibrium. It must be the theoretical summaries of general experiences of economic development, that is, development economics, or theories of economic growth broadly defined.

Suggested Citation

  • Dic Lo, 2012. "The Division of Labour and Institutions of Economic Development," Palgrave Macmillan Books, in: Alternatives to Neoliberal Globalization, chapter 4, pages 58-76, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-36116-4_4
    DOI: 10.1057/9780230361164_4
    as

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