scholarly journals Growth and institutional changes: a historical evolution

2021 ◽  
Vol 41 (2) ◽  
pp. 292-313
Author(s):  
ALESSANDRO MORSELLI
Keyword(s):  
Economic Growth ◽  
Dynamic Theory ◽  
Economic Change ◽  
Economic Systems ◽  
Institutional Changes ◽  
Historical Evolution ◽  
Incentive Structure ◽  
Neoclassical Theory ◽  
Process Of Change ◽  
Human Environment

ABSTRACT This paper highlights the fact that neoclassical theory cannot explain the process of economic change. In an uncertain and ever-changing world, a theory based on static equilibrium models is of little help. Whereas we have placed the institutions at the centre of the understanding of economic systems, since they constitute their incentive structure. Thus, economic change is largely an intentional process created by individuals’ perceptions of the consequences of their actions. These perceptions, coming from the beliefs of individuals, combine with their preferences. In the end, a dynamic theory of economic change will not be built, but an attempt will be made to understand the link between institutions and economic growth, the process of change, and to develop assumptions, within its limits, capable of improving the human environment and economic results.

The Economic Expansion of Lombardy, 1300–1500: A Study in Political Stimuli to Economic Change

1961 ◽  
Vol 21 (2) ◽  
pp. 143-160 ◽  
Author(s):  
Douglas F. Dowd
Keyword(s):  
Economic Growth ◽  
Economic Change ◽  
Institutional Changes ◽  
Economic Expansion ◽  
Agricultural Revolution

Lombardy underwent an agricultural revolution (and a connected process of general economic growth) in the fourteenth and fifteenth centuries. The basis for this transformation was a series of fundamental institutional changes. These latter—consisting most importantly of the transfer of control over the land into new hands—must in turn be attributed essentially to the policies of the Visconti and Sforza dukes who, through direct or indirect means, encouraged, initiated, facilitated, and acquiesced in the processes by which the change took place.

A DYNAMIC THEORY OF A FIRM: AN APPLICATION OF 'ECONOMIC FORCES'

2001 ◽  
Vol 04 (01) ◽  
pp. 163-176 ◽  
Author(s):  
MATTI ESTOLA
Keyword(s):  
Economic Growth ◽  
Dynamic Optimization ◽  
Economies Of Scale ◽  
Dynamic Theory ◽  
Macro Level ◽  
Neoclassical Theory ◽  
Economic Forces ◽  
Profit Functions ◽  
Profit Maximizing ◽  
Production Dynamics

Static neoclassical theory of a firm and its dynamization by dynamic optimization assume profit functions inconsistent with each other. As a solution to this, we present a dynamic theory of a firm which is consistent with the static neoclassical theory. We define the 'economic forces' which act upon the production of the firm and show that the adjustment of production in a profit-seeking way may be stable or unstable. Explosive unstable production dynamics may occur due to 'economies of scale' or due to the development of wealth or technology; in stable cases the adjustment leads to the profit maximizing situation. Our model provides a micro basis for the modeling of economic growth at macro-level.

STUDY OF THE IMPACT OF RAISING THE RETIREMENT AGE ON ECONOMIC GROWTH IN THE DIGITAL ECONOMY IN RUSSIA AND EUROPE

2020 ◽  
Author(s):  
Svetlana Apenko ◽  
◽  
Olga Kiriliuk ◽  
Elena Legchilina ◽  
Tatiana Tsalko ◽  
...  
Keyword(s):  
Quality Of Life ◽  
Economic Growth ◽  
Economic Policy ◽  
Labor Relations ◽  
Pension Reform ◽  
Digital Economy ◽  
Institutional Changes ◽  
Retirement Age ◽  
The Impact

The article presents the results of a study of the impact of pension reform in Russia on economic growth and quality of life in a digital economy, taking into account the experience of raising the retirement age in Europe. The aim of the study was to identify and analyze the impact of raising the retirement age on economic growth in the context of the development of digitalization in Russia and a comparative analysis with European countries. Results: the studies conducted allowed us to develop a system of indicators characterizing the impact of raising the retirement age on economic growth and the quality of life of the population in the context of digitalization. The authors found that raising the retirement age leads to a change in labor relations in Russia and Europe. The application of the proposed indicators can be used in the formation of a balanced state socio-economic policy in the field of institutional changes in the field of labor relations and raising the retirement age. The study was carried out under a grant from the RFBR № 19-010-00362 А.

Testing the Neoclassical Theory of Economic Growth: A Panel Data Approach

1993 ◽  
Vol 40 (3) ◽  
pp. 512 ◽  
Author(s):  
Malcolm Knight ◽  
Norman Loayza ◽  
Delano Villanueva
Keyword(s):  
Economic Growth ◽  
Panel Data ◽  
Neoclassical Theory

scholarly journals A NOTE ON ECONOMIC GROWTH WITH SUBSISTENCE CONSUMPTION

2010 ◽  
Vol 14 (5) ◽  
pp. 763-771 ◽  
Author(s):  
Holger Strulik
Keyword(s):  
Economic Growth ◽  
Growth Model ◽  
Growth Rates ◽  
Degree Of Freedom ◽  
Controversial Issue ◽  
Historical Evolution ◽  
Transitional Dynamics ◽  
Economic Growth Rates ◽  
Over Time ◽  
Savings Rates

It is well known that the performance of simple models of economic growth improves substantially through the introduction of subsistence consumption. How to compute subsistence needs, however, is a difficult and controversial issue. Here, I reconsider the linear (Ak) growth model with subsistence consumption and show that the evolution of savings rates and economic growth rates over time is independent of the size of subsistence needs. The model is thus more general and less subject to arbitrariness than might have been thought initially. Quantitatively, it is shown that, although there is no degree of freedom to manipulate transitional dynamics, the model approximates the historical evolution of savings rates and growth rates reasonably well.

scholarly journals Reconstructing the Performance of Pakistan’s Political Economy: Another Paradigm

2011 ◽  
Vol 16 (Special Edition) ◽  
pp. 31-70 ◽  
Author(s):  
Inayat Ullah Mangla
Keyword(s):  
Economic Growth ◽  
Political Economy ◽  
Monetary Policy ◽  
Institutional Changes ◽  
Policy Makers ◽  
Structural Problems ◽  
Major Factors

This paper looks at the major factors limiting economic growth in Pakistan. The paper then analyzes the structural problems faced by Pakistan today and goes on to discuss the challenges facing monetary policy makers in Pakistan as well as the problem of budget and trade deficits. The paper concludes with a discussion on the key institutional changes needed in Pakistan.

CONCEPTUAL APPROACHES TO THE DEFINITION OF INCLUSIVE GROWTH IN THE CONTEXT OF ECONOMIC DEVELOPMENT

2021 ◽  
Vol 9 (1) ◽  
pp. 113-119
Author(s):  
Maksym Voichuk
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
International Organizations ◽  
Economic Systems ◽  
Inclusive Growth ◽  
Definition Of ◽  
Different Levels

The article analyzes scientific approaches to defining the concept of inclusive growth, its place, and its role in the structure of economic systems. Attention is paid to the participation of various researchers and international organizations in the formation of this concept. The practical as-pects of the implementation of the concept of “inclusive economic growth” are determined and the prospects for further research on this concept are outlined, in particular, in terms of different levels of the economy.

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