Dignity and development |
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Authors: | Claudia R Williamson |
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Institution: | Development Research Institute, Department of Economics, New York University, 19 W. 4th St, New York, NY 10012, United States |
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Abstract: | This paper explores how expanding the notion of informal institutions in the broader institutional framework provides a more complete explanation for development. Specifically, I incorporate McCloskey's notion of ‘dignity and liberty’ as part of the institutional nexus. By doing so, a richer explanation and understanding of the importance of institutions in explaining different economic outcomes is offered. Focusing on bourgeois dignity offers a precise mechanism to explain how institutions matter to support economic growth. In addition, analyzing the changing attitudes toward the bourgeoisie provides a specific example of mechanisms that can lead to institutional change. |
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