Role of Institutions in Economics

Janice Fienman
East High

Abstract

One of the most perplexing questions in social science is in regards to the causes of economic growth and development in different countries (Scott, 2013). Social scientists are still trying to explain why some countries are poorer than others. Further, they try to understand why some countries achieve economic growth and others stagnate. The question is what can be done to induce economic growth and therefore, improve the living standards of a society. However, it should be noted that institutions play a fundamental role in causing the economic growth and development of different countries.

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