Change and Prosperity

Author: Wu Qungang
Publisher:
Publish Date: 2006-07-01
Features: The intrinsic mechanisms of economic growth and its pathways have long been central issues in economic theory research, undeniably also the most debated and challenging ones. This book addresses the real-world shortcomings of growth theory and institutional factors being treated separately, systematically exploring the interplay between institutional dynamics and economic growth dynamics by focusing on institutional innovations and economic growth that occur during the discovery and utilization of new demands and resources. It is the first to apply the analytical framework of modern growth theory to discuss the impact of institutional factors on long-term economic performance, developing a formal growth model based on institutional change. Building on this, the book examines the practices of economic growth in transition countries and East Asia, studying how institutional arrangements evolve toward efficiency to positively influence economic growth. Finally, using empirical data on institutional change and economic growth since China's reform, it tests the model's hypotheses and interprets China's economic rise from a new perspective. This book fills the gap in domestic economic theory research, holding significant academic value and practical policy implications.