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| Author: | Acemoglu, D. |
| Title: | A simple model of inefficient institutions |
| Journal: | Scandinavian Journal of Economics
2006 : VOL. 108:4, p. 515-546 |
| Index terms: | commitment economic development institutions institutions political economy property rights regulations taxation |
| Language: | eng |
| Abstract: | This article develops a simple model of economic and political institutions that lead to poor aggregate economic performance. In this model the political elite choose policies to increase their income and to directly or indirectly transfer resources from the rest of society to themselves. The resulting equilibrium is inefficient because of three mechanism. Those are revenue extraction, factor price manipulation and political consolidation. |
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