institutions, there is generally a conflict over these social choices, ultimately resolved in favor of groups with greater …This paper develops the empirical and theoretical case that differences in economic institutions are the fundamental … cause of differences in economic development. We first document the empirical importance of institutions by focusing on two …

economic development. To answer this question, a new concept of the institutions-augmented Solow model is constructed. The … institutions-augmented Solow model fits the empirical data very well. It turns out that differences in physical capital, human … differences in economic development among the countries of the world. According to the institutions-augmented Solow model, the …