Hypothetical Matrix for Institutional Modeling of the Basis for Economic Development in the Countries of Southeast Europe

In this paper we propose three hypothetical matrices for institutional modeling of the basis for economic development. They apply selectively chosen elements of Neo-Institutional Theory (NIT) and convention theory, which are in line with affirmation of institutional pluralism and criticism of instit...

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Bibliographic Details
Published in:Montenegrin journal of economics 2016-01, Vol.12 (2), p.147-159
Main Author: Delibasic, Milica
Format: Article
Language:English
Subjects:
Conventions
Economic development
Economic growth
Industrialized nations
Institutionalization
Rationality
Sustainable development
Theory
Values
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Summary:In this paper we propose three hypothetical matrices for institutional modeling of the basis for economic development. They apply selectively chosen elements of Neo-Institutional Theory (NIT) and convention theory, which are in line with affirmation of institutional pluralism and criticism of institutional monism. In this sense, the developed institutional pluralism is critically and polemically opposed to all forms of opportunistic behavior, which in the conditions of the domination of institutional monism leads to the creation and strengthening of alternative institutions. Its hypothesis is that the hypothetical modeling of pluralistic institutional basis for economic development must be based, inter alia, on the elements and recommendations of the NIT and the convention theory on key issues (research parameters). This is especially the case with institutional elements, factors and recommendations that have been confirmed in the practice of developed countries. The conclusion is that the economic growth requires strong and pluralistic institutions, which represent the best means of protection from all forms of opportunistic behavior.
ISSN:1800-5845
1800-6698
DOI:10.14254/1800-5845.2016/12-1/9