Formal rules, informal rules, and economic performance

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Abstract:

In this article the author tries consider a question important for economic development: what happens when formal rules and informal rules of economic behaviour are in conflict. Under such circumstances even the best, wealth creation-enhancing rules must bring about different outcomes if introduced in the different political, economic, and socio-cultural environments. These considerations begin with the overview of possible balances and imbalances in the relationships between formal and informal rules and potential conflicts that may arise in the latter cases. The next step is the selection of institutional characteristics that facilitate the explanation and prediction of outcomes of formal rulesŚinformal rules interactions. The third, and final, step considered in the article concerns the adjustment of rules (formal, informal, or both) over time and possible patterns of adjustment.

Document Type: Research Article

Publication date: December 13, 2001

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