According environment and biotic inheritance, as social beings that

According
to Hodgson (1998), the earlier institutionalism had actually been dominant in
economics departments in American universities just after the First World War.
The variables that core ideas of institutionalism concern institutions, habits,
rules and their evolution. Therefore, these ideas facilitate a strong impetus
toward specific and historically located approaches to analysis. The aim for
this article is to examine patterns and regularities of human behaviour,
expecting to find a great deal of imitation, inertia, lock-in “cumulative
causation”. By institutions, individuals are merely constrained and influenced.
Both of natural environment and biotic inheritance, as social beings that
constituted by institutions. Last but not least, it has been suggested that the
breakdown of the micro foundations project provide institutionalism with a
significant entre.

            According to Bun (2009), there are
many studies that support the positive effects of trade on growth; on the other
hand, some studies that caution us about the correlation between trade and
growth have recently published. The aim for this article to examine the effect
of trade on growth in the ten countries of the Association of Southeast Asian
Nations and investigate into the effect of trade on the growth rates of Real
GDP Per Capita. The methodology that will uses are ordinary least squares and
instrumental variables regressions. The finding for this paper suggest that
both trade and Quality of Institutions positively affect economic growth and
Quality of Institutions has larger effect on economic growth than trade and is
statistically significant. In conclusion, due to the explosion in trade
especially exports in the East Asia Tigers, South Korea, Taiwan, Hong Kong and
Singapore, during their high economic growth period, there were many strong
advocates of the possibility of export led growth and strong exports in these
East Asia countries led to them to experience tremendous economic growth.

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            Moreover, according to
Vijayaraghavan and Ward (2000), the relationship between institutional and
economic growth rates across 43 nations between the years 1975 to 1990 I
examined. The aim is to integrate a broad set of institutional variables which
together proxy for the overall institutional infrastructure of an economy. The
variables are security of property rights, governance, political freedom and
size of government are the indicators used in this study, facilitating
identification of the most important institutions that account for the observed
variations in economic growth rates among nations. The finding from this
article is indicating that security of property rights and size of government
are the most significant institutions that explain the variations in economic
growth rates. In conclusion, government consumption merely reflects its size
and says nothing about the “quality”, for the example its effectiveness.

            According to Carney and Gedajlovic
(2002), from their article “The Co-evolution of Institutional Environments and
Organization Strategies: The Rise of Family Business Group in ASEAN Region”,
they were consider that Southeast Asian Family Business Groups (FBGs) as a form
of business enterprise as well as existing theoretical accounts of their
behaviour. The aims from this article are to develop and describe a
co-evolutionary framework that incorporates notions of interdependence, path
dependence and ‘system openness’. The variables that researcher uses are
endogenous influences, the business environment, organizational adaptations,
emergent organizational forms and reciprocal adjustments. The finding from this
article is ASEAN’s country diversified family business groups are both a
product and a source of their institutional environments. Therefore, at the
beginning of the Nationalist Era, emergent FBGs filled many institutional voids
that would otherwise have arrested their development in their country. In
conclusion, the institutionalization of forms of business enterprise that
require little legal or regulatory infrastructure may have profoundly negative
implications regarding the ability of modern-day ASEAN economies to carry out
needed infrastructure reforms.

            “Identifying the effect of
institutions on economic growth” is from Frederic Docquier in 2014. The paper
will describes how institutional quality can be measured, qualifies the
correlation between institutional and economic growth and reviews and discusses
the literature on the causal impact of institutions on growth. The aim for this
study is to identify a causal effect of institutions on development and
understanding the technology of the transmission of institutional quality to
growth are challenging issues. The variables are voice and accountability
captures political stability and absence of violence, government effectiveness,
regulatory quality, rule of law and control of corruption. The methodology that
is a use from this article is randomized controlled trials (RCT) to identify
causal relationship and compare the effectiveness of alternative policies. The
finding is the economic impact of default rules on economic growth was
detectable by econometric panel analysis and proved to be strong.

            According to Williamson (2000),
neoclassical economics was dismissive of institutions and that much of
organization theory lacked scientific ambitions have also been contributing
factors. The variables from this article are embeddedness: informal institutions,
institutional environment, governance and resource allocation and employment.
The aim from this article is to identify and explicate the properties of
alternative modes of governance spot markets, incomplete long term contracts,
firms, bureaus and others. The new institutional economics is a boiling
cauldron of ideas. The transaction cost economics he will distinguish between
governance and measurement branches. In conclusion, incomplete contracting of
semi-formal and fully formal kinds differs in consequential ways, although the
gap has been closing. Therefore, evolutionary economics of selections,
population ecology and ontogenetic kinds are in progress. 

            According to Maki (2001), economic
methodology and the institutionalists revival are growing currents in
economics, namely the specialized work on the general methodology of economics
and the resurgence of theoretical interest in the character and role of
institutions. The aim is clearly in need of reorientation and conceptual
development inspired by concrete issues involved in substantial economic
theories and approaches. The variables are quality of institution, regulatory
and rule of law. The contributions of this paper and to the economics of
institutions in general exemplify a number of at least partly rival or
complementary approaches, which is why the reader may find it difficult to find
gis or her way through the intellectual landscape.

            The nature and evolution of both the
old and the new institutional economics and considers the possibility of
dialogue or even convergence between institutions economics (Hodgson, 2009).
The aims are to consider shifts of thinking inside and outside mainstream
economics that have altered the conception of the economic agent, even within
mainstream theory. The new institutional economics is evolving in a direction
that makes productive dialogue between the two institutionalists traditions
more possible. In conclusion, the individualism of the new institutional
economics in its earlier forms is being challenged from inside as well as
outside that school. Therefore, developments within the new institutionalism
have also led to internal criticism of ahistorical modes of analysis and
approaches that take the cognitive capacities of the individual as given. 

            According to Mikaelsson and Sall
(2014), corruption is a major cause and result of poverty around the globe. The
corruption affects all elements of society in some way as it undermines
democracy and economic growth as well as the environment and people’s health.
The main purpose of this paper is to examine if corruption has a significant
effect on economic growth in developing countries. The variables that effect
are GDP per capita growth are also examined such as the level of democracy,
fertility rate, life expectancy, education and the initial GDP per capita to
test for conditional convergence. The methodology in their studies is
regression analysis by using data from recognized institutions. The finding is
in accordance with previous empirical results which hold that more corruption
in a nation leads to less economic growth. In conclusion, corruption hurts
everyone who depends on people in a position of authority.

            According to Acemoglu and Robinson
(2008), they will argue that the main determinants of differences in prosperity
across countries are differences in economic institutions. Therefore, the
economic institutions of a society depend on the nature of political
institutions and the distribution of political power in society. The variables
are development, corruption and poverty in the countries. Since, better
development policy will only come when they recognize this and understand these
forces better. Furthermore, some countries do undergo political transactions,
reform their institutions and move onto more successful paths of economic
development. In conclusion, as a result, understanding underdevelopment implies
understanding why different countries get stuck in political equilibrium that
result in bad economic institutions.

            A cross-regional econometric
analysis suggests that institutional factors in the form of direct democracy
and of federal structure systematically and sizeably raise self-reported
individual well-being (Frey and Stutzer, 2000). The positive effect can be
attributed to political outcomes closer to voter preferences, as well as to the
procedural utility of political participations. The variables are subjective
well-being, institutions, direct democracy and unemployment. The finding is
standard micro econometric well-being functions previously published for other
countries are generally supported. Moreover, unemployment has a strongly
depressing effect on happiness. Therefore, higher income levels raise
happiness, however, only to a small extent.

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