This paper proposes an original formal framework to analyze institutional evolution. Institutions have formal (F) and informal (N) aspects that may evolve at different paces, although eventually converging towards each other through an dynamic interactive process. N evolves with capital...

Three decades of Turkish experience with nonselective industrial policies (consistent with neoliberal policy) clearly demonstrates that structural transformation in Turkish economy could not be achieved. In this paper, we have three motivations. Our first motivation is to discuss overall...

This paper elaborates on the evolution of the informal sector vis-à-vis the evolution of agricultural and formal sectors in a stylized developing country economy in process of growth. The analytical contribution of this essay extends the Ramsey theory of growth into a framework that includes an...