Besley, Timothy; Ghatak, Maitreesh - 2009
economic
growth has traditionally focussed on savings and capital accumulation in an
institution-free world with perfect … frictionless world. According to North (1990):
�Institutions are the rules of the game in a society, or more for-
mally, are the … world with perfect contracting,
a rental contract is e�ectively equivalent to a change in ownership because
these rights can …