Coevolving institutions and the paradox of informal constraints
We can all agree that institutions matter, though as to which institutions matter most, and how much any of them matter, the matter is, paraphrasing Douglass North's words at the Nobel podium, unresolved after seven decades of immense effort. We suggest that the obstacle to progress is the para...
| Main Authors: | , |
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| Other Authors: | |
| Format: | Article |
| Language: | English |
| Published: |
Cambridge University Press (CUP)
2021
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| Online Access: | https://hdl.handle.net/1721.1/135530 |
| _version_ | 1826215144756084736 |
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| author | Seligson, Daniel McCants, Anne EC |
| author2 | Massachusetts Institute of Technology. Department of Physics |
| author_facet | Massachusetts Institute of Technology. Department of Physics Seligson, Daniel McCants, Anne EC |
| author_sort | Seligson, Daniel |
| collection | MIT |
| description | We can all agree that institutions matter, though as to which institutions matter most, and how much any of them matter, the matter is, paraphrasing Douglass North's words at the Nobel podium, unresolved after seven decades of immense effort. We suggest that the obstacle to progress is the paradigm of the New Institutional Economics itself. In this paper, we propose a new theory that is: grounded in institutions as coevolving sources of economic growth rather than as rules constraining growth; and deployed in dynamical systems theory rather than game theory. We show that with our approach some long-standing problems are resolved, in particular, the paradoxical and perplexingly pervasive influence of informal constraints on the long-run character of economies. |
| first_indexed | 2024-09-23T16:17:16Z |
| format | Article |
| id | mit-1721.1/135530 |
| institution | Massachusetts Institute of Technology |
| language | English |
| last_indexed | 2024-09-23T16:17:16Z |
| publishDate | 2021 |
| publisher | Cambridge University Press (CUP) |
| record_format | dspace |
| spelling | mit-1721.1/1355302023-12-06T18:24:02Z Coevolving institutions and the paradox of informal constraints Seligson, Daniel McCants, Anne EC Massachusetts Institute of Technology. Department of Physics Massachusetts Institute of Technology. History Section We can all agree that institutions matter, though as to which institutions matter most, and how much any of them matter, the matter is, paraphrasing Douglass North's words at the Nobel podium, unresolved after seven decades of immense effort. We suggest that the obstacle to progress is the paradigm of the New Institutional Economics itself. In this paper, we propose a new theory that is: grounded in institutions as coevolving sources of economic growth rather than as rules constraining growth; and deployed in dynamical systems theory rather than game theory. We show that with our approach some long-standing problems are resolved, in particular, the paradoxical and perplexingly pervasive influence of informal constraints on the long-run character of economies. 2021-10-27T20:23:51Z 2021-10-27T20:23:51Z 2021 2021-03-24T16:20:20Z Article http://purl.org/eprint/type/JournalArticle https://hdl.handle.net/1721.1/135530 en 10.1017/S1744137420000600 Journal of Institutional Economics Creative Commons Attribution-NonCommercial-NoDerivs License http://creativecommons.org/licenses/by-nc-nd/4.0/ application/pdf Cambridge University Press (CUP) Cambridge University Press |
| spellingShingle | Seligson, Daniel McCants, Anne EC Coevolving institutions and the paradox of informal constraints |
| title | Coevolving institutions and the paradox of informal constraints |
| title_full | Coevolving institutions and the paradox of informal constraints |
| title_fullStr | Coevolving institutions and the paradox of informal constraints |
| title_full_unstemmed | Coevolving institutions and the paradox of informal constraints |
| title_short | Coevolving institutions and the paradox of informal constraints |
| title_sort | coevolving institutions and the paradox of informal constraints |
| url | https://hdl.handle.net/1721.1/135530 |
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