Institutions_Transaction costs and Productivity in Long Run.pdf

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

2、relythisisanoncontroversialstatement.Yet,exceptassomethingofanobligatorythrowawaylineinstudiesofproductivity,institutionsandtransactioncostsplaylittleroleinthesubstantialliteratureonthatsubject.1Theliteratureisrepletewithargumentsaboutthesignificanceofthecapitalstoc

3、k,technology,r&d,andsavingsintherateofgrowthofproductivityandthereisanentireliteratureexploringthecausesofthemodernslowdowninproductivityintheseterms.2Butinstitutionsplaynorole.Theimplicitassumptionisthatincentiveseitherdon'tmatterorareconstantbothacrosseconomiesand

4、overtimeinaneconomy.Thenewgrowtheconomicsliteraturehasasimilartheme.Successfuleconomicgrowthisaresultofhumancapitalinvestment,physicalcapital,savingsandsometimesanegativefunctionofpopulationgrowthbutappearstohavenothingtodowiththerulesofthegameofaneconomy.3Aneconomi

5、chistorianattemptingtomakesenseofthewidelyvariedpatternsofeconomicperformanceoverthepastseveralmilleniaisparticularlyfrustratedbysuchanapproachtothestudyofproductivitybecauseitignorestheavailablehistoricalevidenceaswellasbeingcounterintuitiveandappearingtobeaconsequ

6、enceofmonumentaltheoreticalmyopia.SurelythecataclysmiceventsofthepasthalfdecadeincentralandEasternEuropeandinChinashouldhaveconvincedeventhemostdedicatedneo-classicaleconomistthatinstitutionsmatterand,moreimportantforthisessayandthisconference,thattheymustbeintegrat

7、edwiththeclassicsourcesofproductivitychangeifwearetounderstandthelongrun--andforthatmattershortrun--performanceofeconomies.Theargumentofthisessayisthattheimmenseproductivityincreasesresultingfromtechnologicaldevelopmentsofthepastcenturyandahalfcouldonlyberealizedbyf

8、undamentalchangesintheinstitutionalandorganizationalstructure--asupplysideargument;andthattheconsequenttensionsinducedbytheresultingsociet