文档介绍：Rev Austrian Econ (2006) 19:243–260
DOI -006-9247-x
On economic growth and development
Enrico Colombatto
C Springer Science + Business Media, LLC 2006
Abstract The paper offers a subjectivist approach to economic growth and an institu-
tional view of development. In particular, the term development regards the prevailing
rules of the game and their effects on the key variables for economic activity to take
off: property rights and productive entrepreneurship. And growth is deemed to be
the result of favourable institutional environments where chances are exploited and
individuals eed in improving their living conditions.
Methodological and normative investigation questions the validity of the recent and
increasing literature on institutional design, where institutional economics actually
plays only a modest role.
Keywords Growth . Development . Institutional economics
JEL Codes B53, O10
1. Questions on terminology
Although the debate about the real purpose of economics remains open, the litera-
ture generally agrees on the notions of growth and development. It refers to growth
when dealing with proportional changes in GDP or – more frequently – in GDP per
capita; and to development when analysing living standards – including features that
do not necessarily form the object of ary measurement. In this paper, however,
a different view is suggested. Economic growth is meant to concern changes in con-
sumers’ surplus, rather than in purchasing power; and development regards changes
of the institutional context. This provides a clear separation between subjectivist and
E. Colombatto ()
Universit`a di Torino and ICER, Facolt`a di Economia, Corso Unione Sovietica 218 bis,
10134 Torino (Italy)
e-mail: enrico.******@
Springer
244 E. Colombatto
institutional issues – growth and development, respectively. And thus offers a key
through areas of potential confusion.
In particular, this section examines a number of i