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HomeHomework HelpeconomicsInstitutional Quality and Growth

Institutional Quality and Growth

Institutional quality and growth refer to the effectiveness and efficiency of organizations and systems that govern societal functions, which can influence economic development, resource allocation, and overall societal well-being. High institutional quality typically fosters stability, transparency, and accountability, thereby promoting sustainable growth and development.

intermediate
3 hours
Economics
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Overview

Institutional quality is a vital factor in determining a country's economic growth and development. It encompasses various elements such as governance, property rights, and the overall institutional framework. Effective institutions create an environment that fosters trust, encourages investment, an...

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Key Terms

Institution
An established law or practice in a society.

Example: The legal system is a key institution in maintaining order.

Governance
The processes and structures through which decisions are made and authority is exercised.

Example: Good governance promotes transparency and accountability.

Property Rights
Legal rights to use and control property.

Example: Property rights protect individuals' ownership of land.

Economic Development
The process of improving economic well-being and quality of life.

Example: Investing in education is vital for economic development.

Institutional Framework
The set of rules and norms that govern interactions in a society.

Example: A strong institutional framework supports business operations.

Indices
Statistical measures that represent a complex phenomenon.

Example: The World Bank's Governance Index measures institutional quality.

Related Topics

Economic Policy
Study of government policies that influence economic behavior.
intermediate
Development Economics
Focuses on improving fiscal, economic, and social conditions in developing countries.
advanced
Public Administration
The implementation of government policy and public service management.
intermediate

Key Concepts

GovernanceProperty RightsEconomic DevelopmentInstitutional Frameworks