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1、CHAPTERTWOTrust,Growth,andWell-Being:NewEvidenceandPolicyImplicationsYannAlgan*andPierreCahuc†*SciencesPo,FranceENSAE-CREST,EcolePolytechnique,FranceAbstractThissurveyreviewstherecentresearchontrust,institutions,andeconomicdevelopment.Itdiscussesthevariousmeasuresoftrustanddocumentsthesubstantialhe
2、terogeneityoftrustacrossspaceandtime.Theconceptualmechanismsthatexplaintheinfluenceoftrustoneconomicperformanceandthemethodsemployedtoidentifythecausalimpactoftrustoneconomicperformancearereviewed.Wedocumentthemechanismsofinteractionsbetweentrustandeconomicdevelopmentintherealmsoffinance,innovation,t
3、heorganizationoffirms,thelabormarket,andtheproductmarket.Thelastpartreviewsrecentprogresstoidentifyhowinstitutionsandpoliciescanaffecttrust.KeywordsTrust,Growth,Economicdevelopment,InstitutionsJELClassificationCodesO11,O43,Z13TherearecountriesinEurope...wherethemostseriousimpedimenttoconductingbusines
4、sconcernsonalargescale,istherarityofpersonswhoaresupposedfittobetrustedwiththereceiptandexpenditureoflargesumsofmoney.(Mill,1848,p.132)2.1.INTRODUCTIONThedebateabouttherootsofeconomicdevelopmentandtheoriginsofincomeinequalityacrosstheglobehasdeeplyevolvedovertime.Earlyresearchesfocusedontheproximate
5、factorsofgrowth,stressingtheroleoftechnologicalprogressandtheaccumulationofhumanandphysicalcapital.Adecadeago,thefocusshiftedtotheroleofformalinstitutions,consideredastheendogenousincentivestoaccumulateandinnovate(Acemogluetal.2001);andtowhatextentthoseinstitutionscouldbedistin-guishedfromfactorsli
6、kehumancapital(Glaeseretal.2004).Morerecently,theattentionhasbeengraduallyevolvingtowarddeeperfactors,ingrainedincultureorlong-termhistory.HandbookofEconomicGrowth,Volume2A©2014ElsevierB.V.ISSN1574-0684,http://dx.doi.org/10.1016/B978-0-444-53538-2.00002-2Allrightsreserved.4950YannAlganandPierreCahu
7、cThissurveyreviewssomestrandsoftherecentresearchontheroleofculturalvaluesineconomicdevelopment(seeNunn,2009;SpolaoreandWacziarg,2013forsurveysonlong-termhistory).Inparticular,weinvestigatetheroleofoneofthem
