Institutions for High-Quality Growth: What They are and How to Acquire Them

Abstract

This paper opens with a discussion of the types of institutions that allow markets to perform adequately.While we can identify in broad terms what these are, there is no unique mapping between markets and the non-market institutions that underpin them.The paper emphasizes the importance of "local knowledge," and argues that a strategy of institution building must not over-emphasize bestpractice "blueprints" at the expense of experimentation.Participatory political systems are the most effective ones for processing and aggregating local knowledge.Democracy is a meta-institution for building good institutions.A range of evidence indicates that participatory democracies enable higher-quality growth.

Cite this work

No public copy is stored for this record, so only the metadata is cited.

Stored only when both papers are in the corpus — 804 citations exist upstream.

Papers that cite the same references — the relational fallback while embeddings are still backfilling.