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Economic Systems of OECD Nations: Impact and Evolution

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  • Frederic L. Pryor

Abstract

This essay argues that economic systems should be defined in terms of clusters of complementary institutions. To show how such an approach can be carried out, I use a cluster analysis technique and data on forty different economic institutions in OECD nations to isolate four quite different economic systems. After specifying the most important institutional clusters in each system, I then examine what impact these economic systems have on various indicators of economic performance. Finally, I show how such an approach allows particular evolutionary patterns of the systems to be analyzed.

Suggested Citation

  • Frederic L. Pryor, 2004. "Economic Systems of OECD Nations: Impact and Evolution," Papers on Economics and Evolution 2004-14, Philipps University Marburg, Department of Geography.
    • Handle: RePEc:esi:evopap:2004-14
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    More about this item

    Keywords

    economic system; economic institutions; OECD nations; economic performance;
    All these keywords.

    JEL classification:

    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • P10 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General
    • C40 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - General

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