Institutions_Transaction costs and Productivity ....pdf

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1、1INSTITUTIONS,TRANSACTIONCOSTSANDPRODUCTIVITYINTHELONGRUNbyDouglassC.North,WashingtonUniversity,St.Louis*Institutionsprovidetheincentivestructureofaneconomyandthereforetheproductivityofaneconomyisafunctionofboththetechnologyemployedandtheinstitutionsofthateconomy.Surelythisisanoncontr

2、oversialstatement.Yet,exceptassomethingofanobligatorythrowawaylineinstudiesofproductivity,institutionsandtransactioncostsplaylittleroleinthesubstantialliteratureonthatsubject.1Theliteratureisrepletewithargumentsaboutthesignificanceofthecapitalstock,technology,r&d,andsavingsintherateof

3、growthofproductivityandthereisanentireliteratureexploringthecausesofthemodernslowdowninproductivityintheseterms.2Butinstitutionsplaynorole.Theimplicitassumptionisthatincentiveseitherdon'tmatterorareconstantbothacrosseconomiesandovertimeinaneconomy.Thenewgrowtheconomicsliteraturehasasi

4、milartheme.Successfuleconomicgrowthisaresultofhumancapitalinvestment,physicalcapital,savingsandsometimesanegativefunctionofpopulationgrowthbutappearstohavenothingtodowiththerulesofthegameofaneconomy.3Aneconomichistorianattemptingtomakesenseofthewidelyvariedpatternsofeconomicperformanc

5、eoverthepastseveralmilleniaisparticularlyfrustratedbysuchanapproachtothestudyofproductivitybecauseitignorestheavailablehistoricalevidenceaswellasbeingcounterintuitiveandappearingtobeaconsequenceofmonumentaltheoreticalmyopia.SurelythecataclysmiceventsofthepasthalfdecadeincentralandEast

6、ernEuropeandinChinashouldhaveconvincedeventhemostdedicatedneo-classicaleconomistthatinstitutionsmatterand,moreimportantforthisessayandthisconference,thattheymustbeintegratedwiththeclassicsourcesofproductivitychangeifwearetounderstandthelongrun--andforthatmattershortrun--performanceofe

7、conomies.Theargumentofthisessayisthattheimmenseproductivityincreasesresultingfromtechnologicaldevelopmentsofthepastcenturyandahalfcouldonlyberealizedbyfundamentalchangesintheinstitutionalandorganizationalstructure--asupplysideargument;andthattheconsequenttensionsinducedbytheresultings

8、ociet