A Review of the Recent Literature on the Institutional Economics Analysis of the Long‐run Performance of Nations

Lloyd, Peter; Lee, Cassey

doi:10.1111/joes.12186

Cited by 30 publications

(13 citation statements)

References 105 publications

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“…From a business competitiveness point of view, national economies set themselves formal institutional constraints in the form of legal and regulatory codes that affect the national competitive capacity of firms operating within each country (Williamson, 2000). Detailed literature reviews of the analysis in institutional economics of the long-run performance of nations (Lloyd & Lee, 2018) and the strategic capacity of competitive advantages as a result of national institutional configurations (Moré et al, 2016) help to develop this argument further.…”

Section: Institutional Country-specific Conditionsmentioning

confidence: 99%

Pulling from the front or pushing from behind: how competency prioritisation should differ to optimise firm competitiveness

Lafuente

Vaillant

2021

EBR

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Purpose This study aims to contrast the disparities in optimal competitiveness configurations across international economies. Additionally, we analyse the competitive efficiency across firms of different performance endowments to identify distinctions and determine whether standardised or customised competitiveness configurations are optimal. Design/methodology/approach This study uses a multilevel regression model to confirm country-specific effects followed by a non-parametric “Benefit-of-the-Doubt” (BoD) method to conduct an international comparison of the competitive efficiency of top- and poor-performing firms across eight European and Latin American economies. Findings Not only are national ecosystems significant differentiators of competitive efficiency, but contras firm-level characteristics also explain these differences. It is found that more recent start-ups tend to experience significantly greater competitive efficiency. However, by separating the top-performing firms from the poor performers in each economy, it is found that the configurational outputs that potentially contribute most to competitive efficiency are not necessarily the same; while “technology” is a key factor for driving the competitive efficiency of top-performing firms, “market” drivers are most essential for improving the competitive potential of poor performers. Originality/value The configurational outputs that potentially contribute most to competitive efficiency are not necessarily universal.

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Section: Institutional Country-specific Conditionsmentioning

confidence: 99%

Pulling from the front or pushing from behind: how competency prioritisation should differ to optimise firm competitiveness

Lafuente

Vaillant

2021

EBR

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“…The World Bank group of high‐income countries, or alternatively the similar group of OECD countries, both show wide differences in the per capita incomes of the members of the group and in their growth rates. Lloyd and Lee (2018) choose the series of purchasing power parity‐converted GDPs per capita relative to that in the USA, produced by the Penn World Tables Version 7.1, to look at convergence of 10 fast‐growing economies in Asia over the period 1950 to 2010. The per capita income of a country relative to that in one country only, the USA, is a straightforward measure of relative performance and the USA is widely regarded as the standard for the comparison of incomes.…”

Section: Explaining the Turning Pointsmentioning

confidence: 99%

Big Economic History

Lloyd

2020

Aust Econ Hist Rev

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This paper reviews the history of human economic activity from the time Homo sapiens appeared to the present. The first aim is to provide a coherent narrative of the economic history of this period. The second aim is to quantify economic activities where time series data is available and to use economic theory to explain the trends and turning points. It examines the history of three central time series – the aggregate human population, output per capita and human‐induced species extinctions. It concludes with some brief observations on the contribution of Big Economic History to Big Human History.

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“…Irrespective of the type of social value that we want to examine, the effect of institutions on economic development needs to be accounted for. Over the last decades, a wealth of evidence has become available indicating that institutions provide an important explanation for international income differences and long run growth Lloyd and Lee 2016). However, most research on the economic effects of institutions or social values examines the effects of these phenomena in isolation (Jordaan et al 2016).…”

Section: Institutions and Post Materialismmentioning

confidence: 99%

“…Following extensive research on the growth effects of physical and human capital accumulation and technological change, recent studies are increasingly characterised by estimating effects of fundamental causes of long run growth (Spolaore and Wacziarg 2013). One research strand focuses on the central importance of institutions for economic behaviour and outcomes (North 1990;Jones and Romer 2010;Lloyd and Lee 2016). An often-cited contribution to this research field is Rodrik et al (2004), who present econometric evidence indicating that institutional quality, measured by rule of law, is strongly related to cross-country income differences, rendering alternative explanations related to differences in trade policy and geographical factors largely insignificant.…”

Section: Introductionmentioning

confidence: 99%

Post Materialism and Comparative Economic Development: Do Institutions Act as Transmission Channel?

Jordaan

Dima

2019

Soc Indic Res

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Although a growing number of countries are experiencing structural societal changes characterised by an increased prominence of post materialistic societal goals and personal values, there is limited empirical evidence on the economic effects of post materialism. In this paper, we address this gap in the literature by estimating the effect of post materialism on the level of economic development for a heterogeneous set of countries. Furthermore, in line with the notion that institutions may act as transmission channel of economic effects of social values, we estimate whether institutions transmit indirect effects from post materialism. Our findings show that post materialism and institutions both generate sizeable effects on economic development. Institutions create consistent positive effects. The effect of post materialism consists of a negative direct effect and a larger positive indirect effect transmitted via institutions related to personal freedom, a solid regulatory framework and low corruption. These findings reflect the importance of accounting for the effects of social values such as post materialism and institutions as well as their interrelationship to identify more fully their impact on economic development.

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A Review of the Recent Literature on the Institutional Economics Analysis of the Long‐run Performance of Nations

Cited by 30 publications

References 105 publications

Pulling from the front or pushing from behind: how competency prioritisation should differ to optimise firm competitiveness

Pulling from the front or pushing from behind: how competency prioritisation should differ to optimise firm competitiveness

Big Economic History

Post Materialism and Comparative Economic Development: Do Institutions Act as Transmission Channel?

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