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Which institutions matter? Separating the chaff from the wheat

Published online by Cambridge University Press:  08 February 2011

Department of Economics, George Mason University, Fairfax, VA, USA
Department of Economics, George Mason University, Fairfax, VA, USA


Ha-Joon Chang (2011), in his article ‘Institutions and Economic Development: Theory, Policy and History’, argues that economists place too much faith in ‘liberalized’ institutions. Institutions matter for growth, he contends, but not the way institutional economists think they do. In this article, we offer a defense of the hypothesis that ‘institutions matter’ for economic growth and present several objections to Chang's arguments.

Research Article
Copyright © The JOIE Foundation 2011

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