Please enable JavaScript.
Coggle requires JavaScript to display documents.
Institutions as Technology - Coggle Diagram
Institutions as Technology
The flaw of the Romer Model
If ideas were the deciding factor of growth - ideas are hard to come up with but easy to copy
there should be a convergence
but there is none so it must be something else
bad institutions stifle the adoption of new ideas
Autocracies are a problem
• Insufficient constraints and accountability on government power
• Limited rule of law
• Insecure property rights
• Inefficient central planning
some countries have state owned enterprises that produces based on state planning - if this is inneffitiesnnt
• Corruption
• Extractive institutions (enable elites to monopolize power and perpetuate inequality)
Senegal
Why did the industrial revolution happen in the UK
Willinamof Orange gave parlament seats to the traders
wider arey of interests
1 more item...
also black death killed 40% of people in the 14th centuyry
lack of workers and therefore they had more bargainnig power
weak guilds (cechy) because of the london fire in 1666
so people could access professions easily because everyone needed
Origins of instituions
The colonizer
1 more item...
Rodr0k 2000
Private property (only constrained by
"greater purpose")
Regulatory institutions (deal with market failures, such as externalities, moral hazard or adverse selection)
How to aquire them
general purpose technology
central banking
context specific
participatory politics is a meta institutions that gives you better institutions overall
we need place specific and actionible polics that take institutiuonal constrati inquestion
concious gradualism
Institutions for macroeconomic stabilization
Institutions for social insurance
Institutions for conflict management