Institutions and the East Asian miracle : asymmetric information, rent - seeking, and the deliberation council (English)

North (1984) argues that it is not the cost of transport but the cost of transactions that prevents economies from realizing well-being - and that institutions matter because they affect the costs of transactions. The authors analyze the role of the deliberation council - an institution common to most of the high performing Asian economies - in reducing the crippling effect of rent-seeking. A deliberation council is a consultative committee whose...
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Citation

Campos,Jose Edgardo L.; Lien, Donald; DEC.

Institutions and the East Asian miracle : asymmetric information, rent - seeking, and the deliberation council (English). Policy, Research working paper ; no. WPS 1321 Washington, D.C. : World Bank Group. http://documents.worldbank.org/curated/en/539421468748771558

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