Cookies Policy
X

This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies.

I accept this policy

Find out more here

Introducing The Problem: The Emergence Of Efficient Institutions In The Middle Ages

Brill’s MyBook program is exclusively available on BrillOnline Books and Journals. Students and scholars affiliated with an institution that has purchased a Brill E-Book on the BrillOnline platform automatically have access to the MyBook option for the title(s) acquired by the Library. Brill MyBook is a print-on-demand paperback copy which is sold at a favorably uniform low price.

Access this chapter

+ Tax (if applicable)

Chapter Summary

Economic historians, inspired by Douglass North and his broad reassessment of new institutional economics, tend to believe that the quality of the institutional framework of a nation or region has direct bearing on its economic performance. The quantitative measures of the success of institutions that have been developed in the past few decades are almost always proxies of the degree of efficiency of markets; they therefore measure the results of a complex set of interrelated institutions that in combination cause markets to perform better or worse. Economic theory postulates that reputation mechanisms are very important for sustaining exchange - they are a key institutional ingredient in any market economy. Two Asian regions seem to have approached the European level of skill premium: the south of China and Japan probably both had a skill premium comparable to the western European level, although the evidence for Japan is mixed.

Keywords: economic theory; institutional framework; market economy

10.1163/ej.9789004175174.i-346.7
/content/books/10.1163/ej.9789004175174.i-346.7
dcterms_subject,pub_keyword
6
3
Loading

Sign-in

Can't access your account?
  • Tools

  • Add to Favorites
  • Printable version
  • Email this page
  • Recommend to your library

    You must fill out fields marked with: *

    Librarian details
    Your details
    Why are you recommending this title?
    Select reason:
     
    The Long Road to the Industrial Revolution — Recommend this title to your library
  • Export citations
  • Key

  • Full access
  • Open Access
  • Partial/No accessInformation