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Week 2 - Institutions, image, image, image, image, image, image, Legacy of…
Week 2 - Institutions
Acemoglu, Robinson and Johnson (2002) - Reversal of Fortune
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- A 10 PP decrease in urbanisation in 1500 increases GDP per capita 108% today
- Uses IV of AJR (2001)
- Timing was late 18th century
Does a tradition of local-level (village) democracy in the pre-industrial past predict more democratic national institutions & better outcomes today?
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A 1 SD increase in rule of law increase income 2.85 times
A 1 decrease in WPR decrease literacy rates by 25.3PP
Coordination is important eg East Asia
Diff inst for different things
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Chang (2011)
- Freest markets do not always mean best development
- Reverse causality
- institututions are not stagnant
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