Abstract
Studies on economic institutions, or governance structures, as Williamson (1993) posits, aim to clarify attributes of comparative efficiency. But what is efficiency? And compared to what? In the final analysis, to be meaningful, efficiency must be defined in relation to general experiences of economic development. Hence the reasonable starting point for studies on economic institutions is neither the first principles of neoclassical economics nor the vision of individualistic rational choices and their equilibrium. It must be the theoretical summaries of general experiences of economic development, that is, development economics, or theories of economic growth broadly defined.KeywordsInstitutional ArrangementGrowth PathMarket SystemAllocative EfficiencyNeoclassical EconomicThese keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.
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