This paper agrees that a suitably generalized Darwinism may help understand socioeconomic change, but finds the most publicized generalization by Hodgson and Knudsen unsuitable. To do better, it generalizes the extension of Neo-Darwinism into evolutionary developmental biology ("evo-devo"),...

This paper studies how comparative advantage and the political elites endowments shape long-run performance in an economy with imperfect political institutions. In a capital-scarce economy, an autocrat catering to the needs of landowners favors openness to trade at an early stage of development,...

This paper studies how comparative advantage and the political elites' endowments shape long-run performance in an economy with imperfect political institutions. In a capital-scarce economy, an autocrat catering to the needs of landowners favours openness to trade at an early stage of...

In this paper, we examine the experiences of the Korean economy alongside theoretical knowledge of economic development and structural change. To demonstrate the generalized hypotheses on structural change, input-output tables of Korea, from 1960 to 2010, were analyzed. Our interest in taking...

Institutional change explains the change of institutions considered as rules and expectations that govern human interactions and paths of development in society. This conceptual paper describes, with an historical perspective, the most important definitions of institution and of institutional...

The new institutional economics has one of its roots in evolutionary thinking. The idea is that there is competition among organizational forms. Some forms spread faster than others and thereby displace and eventually destroy the less well adapted forms. In the end, the most 'efficient'...

Political systems shape institutions and govern institutional change supporting economic performance, production and diffusion of technological innovation. This study shows, using global data of countries, that institutional change, based on a progressive democratization of countries, is a...

For nearly half a century, existing studies on institutions and institutional change have produced a large number of results from different perspectives and concepts, however, existing studies still lack a unified dynamic framework. In this paper, based on the existing research, a generalized...

This piece synthesizes the development strategies of Korea, Malaysia, Thailand and Vietnam and draws some relevant lessons. Using a complex adaptive systems approach, strategic openness, a set of heterodox macroeconomic policies, creation of institutions for productive investment in both...