IN COLOMBIA, IT IS ALL ABOUT INSTITUTIONS

2010 ◽  
Vol 1 (1) ◽  
pp. 23 ◽  
Author(s):  
Abdiweli M Ali
Keyword(s):  
Economic Growth ◽  
Economic Activity ◽  
Economic Freedom ◽  
Private Property ◽  
Institutional Environment ◽  
Important Determinant ◽  
Judicial Efficiency ◽  
Low Levels

This paper highlights the importance of institutions on development and as it particularly applies to Colombia. It provides some evidence that the institutional environment in which an economic activity takes place is an important determinant of growth. It suggests that countries with high levels of economic growth are characterized with by high levels of economic freedom and judicial efficiency, low levels of corruption, effective bureaucracy, and protected private property.

scholarly journals An Attempt to Assess the Quantitative Impact of Institutions on Economic Growth and Economic Development

2014 ◽  
Vol 38 (1) ◽  
pp. 7-30
Author(s):  
Mariusz Próchniak
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Empirical Analysis ◽  
Economic Freedom ◽  
Institutional Environment ◽  
Positive Impact ◽  
Policy Implications ◽  
Regression Equations ◽  
Solow Model ◽  
The Impact

Abstract This study aims at assessing to what extent institutional environment is responsible for worldwide differences in economic growth and economic development. To answer this question, we use an innovative approach based on a new concept of the institutions-augmented Solow model which is then estimated empirically using regression equations. The analysis covers 180 countries during the 1993-2012 period. The empirical analysis confirms a large positive impact of the quality of institutional environment on the level of economic development. The positive link has been evidenced for all five institutional indicators: two indices of economic freedom (Heritage Foundation and Fraser Institute), the governance indicator (World Bank), the democracy index (Freedom House), and the EBRD transition indicator for post-socialist countries. Differences in physical capital, human capital, and institutional environment explain about 70-75% of the worldwide differences in economic development. The institutions-augmented Solow model, however, performs slightly poorer in explaining differences in the rates of economic growth: only one institutional variable (index of economic freedom) has a statistically significant impact on economic growth. In terms of originality, this paper extends the theoretical analysis of the Solow model by including institutions, on the one hand, and shows a comprehensive empirical analysis of the impact of various institutional indicators on both the level of development and the pace of economic growth, on the other. The results bring important policy implications.

scholarly journals Fenicia: ¿una experiencia anarcocapitalista?

2018 ◽  
pp. 165-187
Author(s):  
Jaime Hernán-Pérez Aguilera
Keyword(s):  
Economic Growth ◽  
Middle East ◽  
Property Rights ◽  
Economic System ◽  
Key Words ◽  
Economic Freedom ◽  
Private Property ◽  
Jel Classification ◽  
Palabras Clave ◽  
Trade And Exchange

On 1000 B.C. a series of circumstances enabled the establishment and expansion of a civilization in the Middle East, in what is now Lebanon, which would be known as Phoenicia. Its religious tolerance, political organiza-tion and economic system, was focused on trade and exchange, to obtain maximum profitability and benefit, in an environment of economic freedom and respect of private property that would take centuries to repeat. So much so that Phoenicia could be considered, with some exceptions, as the first anarcocapi-talist experience in history. Key Words: Anarcocapitalism, property rights, trade, markets, economic growth JEL Classification: A12, B25, P10, P14, P17. Resumen: En torno al año 1000 a.C., una serie de circunstancias políticas pro-pició el establecimiento y la expansión de una civilización en Oriente Medio, en lo que hoy es Líbano, que sería conocida como Fenicia. Su tolerancia reli-giosa, su organización política y su sistema económico, estaba enfocado al comercio y al intercambio, a obtener la máxima rentabilidad y beneficio, en un entorno de libertad económica y de respeto a la propiedad privada que tarda-ría siglos en volver a repetirse. Tanto es así que Fenicia podría ser conside-rada, con algunas salvedades, como la primera experiencia anarcocapitalista de la historia. Palabras clave: Anarcocapitalismo, derechos de propiedad, comercio, merca-dos, desarrollo económico Clasificación JEL: A12, B25, P10, P14, P17.

scholarly journals Firms’ operational costs, market entry and growth

2016 ◽  
Vol 16 (1) ◽  
Author(s):  
Daniel Cardona ◽  
Fernando Sánchez-Losada
Keyword(s):  
Economic Growth ◽  
Economic Activity ◽  
Specific Growth ◽  
Important Determinant ◽  
New Product ◽  
Time Dependent ◽  
Operational Costs ◽  
New Firm ◽  
Organizational Literature ◽  
Number Of Firms

AbstractThe industrial organizational literature identifies operational costs as being an important determinant of industry evolution over time; however, it also shows that they can be endogenous and time-dependent. In this paper, we analyze the effects of endogenous and time-dependent operational costs on economic activity and, hence, on economic growth. We show that the particular nature of these costs determines the way in which the overall number of firms grows, which ultimately determines the pattern of economic growth. Our analysis differs from other approaches in that (i) a new firm is associated with the creation of a new product in such a way that a planned expenditure of resources is required (e.g. R&D), and (ii) an accumulation law for the growth of the number of firms is assumed. Hence, we show that growth can occur endogenously in an economy without any specific growth generating sector.

scholarly journals Institutional aspects of economic development in the works of I.V. Vernadsky

2021 ◽  
Vol 2021 (54) ◽  
pp. 154-166
Author(s):  
Karolina Gorditsa ◽  
◽  
Keyword(s):  
Political Economy ◽  
Economic Development ◽  
Economic Activity ◽  
Private Property ◽  
Institutional Environment ◽  
Deep Understanding ◽  
Social Institutions ◽  
Property Development ◽  
Economic Significance ◽  
Institutional Aspects

The article is devoted to the study and coverage of the institutional environment formation in the scientific achievements of the famous scientist-economist of the XIX century Ivan Vernadsky. The purpose of the study is the historical and economic generalization of I. Vernadsky's views on the institutional aspects of economic activity and development. The scientist had a deep understanding of the important role that social institutions play in economic reality and the importance of their study for the completeness of economic analysis. He highly valued the work of other economists who used institutional approaches, and paid considerable attention in his work to the influence of the institutional environment and its individual components on the results of economic activity. The main attention of the article is devoted to the historical-theoretical analysis of I. Vernadsky's views on the concept of property and possession as key categories of economy and law, their economic significance and relationship with other categories of political economy, such as wealth, value, income. The author analyzes I. Vernadsky's views on the most important institutional factors of economic development, in particular economic freedom, free private property, development of knowledge, education and science, education of such moral qualities as conscience, honesty, thrift, etc., as well as the influence of national mentality on economic policy. The conclusion is that the original concept of property and possession developed by I. Vernadsky can be assessed as a significant achievement of contemporary economics, as it contains not only the postulates of classical political economy, but also elements of the subsequent institutional theory of property rights, in particular the institutional nature of ownership and property as factors that determine the borders of economic activity.

Problems Of Investment Attractiveness In The Economy Of Uzbekistan

GIS Business ◽  
2020 ◽  
Vol 15 (1) ◽  
pp. 241-245
Author(s):  
Khamrakulova O.D. ◽  
Bektemirov A.B.
Keyword(s):  
Economic Growth ◽  
Development Strategy ◽  
Private Property ◽  
Economic Reforms ◽  
The State ◽  
Structural Reforms ◽  
The Development Strategy ◽  
Macroeconomic Stability

The deepening of economic reforms in Uzbekistan is closely linked to the strengthening of macroeconomic stability and the maintenance of high rates of economic growth and competitiveness, the continuation of institutional and structural reforms to reduce the presence of the State in the economy, and the further strengthening of the protection of rights and the priority role of private property, as reflected in the Development Strategy for 2017-2021.

The use of statistical methods in the analysis of mobile payment market in Poland

2020 ◽  
Vol 3 (2) ◽  
pp. 45-50
Author(s):  
Artur Borcuch
Keyword(s):  
Economic Growth ◽  
Economic Activity ◽  
Initial Phase ◽  
Positive Impact ◽  
Ease Of Use ◽  
Mobile Payment ◽  
Human History ◽  
Payment Systems ◽  
Mobile Payments ◽  
Payment Instruments

Payments are an inherent element of economic activity (León and Ortega 2018). However, the evolution of payment instruments and the way individuals and businesses make daily payments has undergone enormous change in human history, particularly due to main innovations in payment systems in last decades (Gandhi 2016). The last innovation in payment system concerns mobile payment. The development of mobile payments market can have a positive impact on economic growth (Leon and Rodriguez 2012). Although the Polish market of mobile payments is in the initial phase of development, it is one of the pioneering and leading in Europe and globally. The main purpose of this article is to analyze, which feature (convenience, speed, availability, ease of use, safety) of mobile payments could be the most important for users from Poland.

Theorizing About Post-Keynesian Economics in Australasa

2013 ◽  
pp. 411-435
Author(s):  
Paul Dalziel ◽  
J. W. Nevile
Keyword(s):  
Higher Education ◽  
Economic Growth ◽  
Monetary Policy ◽  
World War Ii ◽  
Fiscal Policy ◽  
Aggregate Demand ◽  
World War ◽  
Keynesian Economics ◽  
Low Levels ◽  
Monetary And Fiscal Policy

There was much in common in the development of post-Keynesian economics in Australia and New Zealand, but there were also many differences. Both countries shared a common heritage in higher education. In the first twenty-five years after World War II, both countries adopted broadly Keynesian policies and experienced very low levels of unemployment. Increasingly over these years more theorizing about macroeconomic policy had what now would be called a post-Keynesian content, but this label was not used till after the event. In both countries, apart from one important factor, the experience of actual monetary policy and theorizing about it were similar. Keynesian ideas were more rapidly adopted in Australia than in many other countries. Not surprisingly for a couple of decades after 1936, analysis of policy and its application was Keynesian rather than post-Keynesian, with fiscal policy playing the major role. The conduct of both monetary and fiscal policy depends on the theory of inflation. This chapter examines post-Keynesian economics in Australasia, focusing on aggregate demand, economic growth, and income distribution policy.

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