Abstract
Chapter 5 stressed that in a model of institutional hysteresis, institutions are best regarded as evolutionary, path dependent phenomena which may not be efficient in the sense of being functional to the growth dynamics of a capitalist economy. It was shown that inefficiency may arise due to either the persistence or creation of inefficient institutions over time.
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© 1997 Mark Setterfield
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Setterfield, M. (1997). Institutional Hysteresis and the Performance of the British Economy after 1914. In: Rapid Growth and Relative Decline. Palgrave Macmillan, London. https://doi.org/10.1057/9780230375871_8
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DOI: https://doi.org/10.1057/9780230375871_8
Publisher Name: Palgrave Macmillan, London
Print ISBN: 978-1-349-39476-0
Online ISBN: 978-0-230-37587-1
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