Abstract: The important role that capital plays in economic growth cannot be understated. The magnitude of this importance is a function of the form of capital. The idea of capital has been extended first from physical capital to human capital and most recently to political or democratic capital. At the same time, there has been a growing body of work that identifies the importance of both political and economic institutions. This work has been greatly influenced by the development of institutional measures, such as the Fraser Institute's Economic Freedom of the World Index. This paper makes an argument to link the two ideas of capital and economic institutions, creating a measure of economic institutional capital similar to the political institutional capital of democratic capital. These two forms of institutional capital will then be employed in economic growth analysis.
Publication Year: 2008
Publication Date: 2008-09-08
Language: en
Type: article
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