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Knowledge and the theory of institutional change

Published online by Cambridge University Press:  01 August 2009

THRÁINN EGGERTSSON
THRÁINN EGGERTSSON*
Affiliation:
University of Iceland, Reykjavík, Iceland and New York University, New York, USA
*
*Email: thrainn@hi.is
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Abstract

Modern theory identifies several sources of economic growth, such as capital accumulation, new techniques, secure property rights and contracts, and absence of rent seeking. This paper introduces new social technologies as yet another source of growth and emphasizes our incomplete knowledge of social systems. I introduce a framework for analyzing institutional policy and use the case of modern biotechnology to explain how uncertainty about social technologies, persuasion, and competing beliefs influence the evolution of property rights.

Information

Type
Research Article
Information
Journal of Institutional Economics , Volume 5 , Issue 2 , August 2009 , pp. 137 - 150
Copyright
Copyright © The JOIE Foundation 2009

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