Aufsatz(elektronisch)1. August 2009
Knowledge and the theory of institutional change
In: Journal of institutional economics, Band 5, Heft 2, S. 137-150
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Abstract
AbstractModern 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.
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