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THE CLASIFICATION OF INSTITUTIONS AND THEIR IMPACT ON ECONOMIC DEVELOPMENT

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Author(s): Ana Iolanda VODÄ‚

Journal: Annals of the Stefan cel Mare University of Suceava : Fascicle of the Faculty of Economics and Public Administration
ISSN 2066-575X

Volume: 9;
Issue: Special Number;
Start page: 11;
Date: 2009;
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Keywords: institutions | institutional analises | development | informal | formal

ABSTRACT
There is a simple case which combines different lines of thought of the institutional economy: institutionsmatter. If this hypothesis is considered to be central, transaction costs economics, property rights economics are part ofinstitutional economics, as well as in public choice theory's approaches and constitutional economy. Regardless of howthey are defined institutions are correlated with economic growth, wealth, welfare, etc. More and more authors in theliterature involve institutional factors in explain the gap between the developed and developing countries.
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