One of significant and, at the same time, challenging research problems in Economics is measuring the social effect of economic growth (development). Economic growth should never be treated a goal per se. It is rational provided that it brings effects such as, generally speaking, an improvement...

Beginning in the 1990s, an institutional perspective on development has become increasingly prominent in development thinking, captured in the mantra, “Institutions Matter,” or “Governance Matters.” Based on the assumption that “institutions matter”, there has been a massive surge in...