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The paper studies the relations between institutions and human development, in particular the causal effects of the different types of institutions on different components of human development. We assume development to be created by aggregate demand; in particular that aggregate demand determines...
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<italic>The investigation of aggregate consumption underwent a radical change in the USA during the 1940s and 1950s. Principles deriving from the American Institutionalist tradition attained their greatest popularity in Duesenberry’s formulation just before they were rapidly abandoned. This paper...</italic>
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