Institutions, Innovations, and Growth

摘要

The fundamental importance of economic institutions for economic growth through their impact on technological change has long been argued by Joseph Schumpeter and others. Re- cent empirical studies have reconfirmed such arguments. Robert Barro (1997) finds that economic and political institutions are the most important factors in explaining differ- ences in growth across economies. A major implication of the debate on the "East Asia miracle" and the East Asia financial crisis concerns the nature of institutions in the East Asian economies and the role of institutions in Technological change.