It is widely recognized that advances in knowhow have been the key driving force between the great improvements in human material well-being that have been achieved over the past two centuries. However, not much attention has been directed to the fact that the advances in knowhow that have been...

Institutions again have become the focus of the theorizing and empirical work of economists concerned with the determinants of economic growth, and of cross country differences in income levels. One central argument f this paper is that institutions and institutional change need to be understood...

Institutions again have become the focus of the theorizing and empirical work of economists concerned with the determinants of economic growth, and of cross country differences in income levels. One central argument of this paper is that institutions and institutional change need to be...