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Development EconomicsFrom the Poverty to the Wealth of Nations$
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Yujiro Hayami and Yoshihisa Godo

Print publication date: 2005

Print ISBN-13: 9780199272709

Published to Oxford Scholarship Online: October 2005

DOI: 10.1093/0199272700.001.0001

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A Theoretical Framework for Economic Development

A Theoretical Framework for Economic Development

(p.9) 1. A Theoretical Framework for Economic Development
Development Economics

Yujiro Hayami

Yoshihisa Godo

Oxford University Press

As a basic framework of this book, development of the social system is considered a process of interactions between the economic subsystem and the cultural-institutional subsystem. The former consists of activities combining economic resources (labour, capital, and natural resources) through technology to produce goods and services useful for human living. These economic activities are coordinated and controlled by the latter, which consists of institutions (the rules of society) and culture (people's value system). A model is developed to conceptualize how technological and institutional changes interact with each other, how they respond to changes in resource endowments, and how such responses are governed by cultural traditions.

Keywords:   dialectic social development, institutional innovation, path dependency, political market, technological innovation, property right

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