North (1984) argues that it is not the cost of transport but the cost of transactions that prevents economies from realizing well-being - and that institutions matter because they affect the costs of transactions. The authors analyze the role of the deliberation council - an institution common to most of the high performing Asian economies - in reducing the crippling effect of rent-seeking. A deliberation council is a consultative committee whose...
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INFORMACIÓN
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1994/07/31
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Documento de trabajo sobre investigaciones relativas a políticas
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WPS1321
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1
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1
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2010/07/01
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Institutions and the East Asian miracle : asymmetric information, rent - seeking, and the deliberation council
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Finance & Private Sector Development