Instytucjonalna teoria przemian gospodarczych − rozwój gospodarczy z perspektywy nowej ekonomii instytucjonalnej
Institutional theory of economic change – economic development from the perspective of new institutional economics

Summary/Abstract: Over the last century mankind has made an enormous civilization progress. The economy of the world, although it has not avoided many crises, has grown the fastest in the history. However, the growth and economic development are not universal phenomena. Traditionally, there were sharp differences of opinion among economists on growth factors. But recently, there is a widespread agreement about the supreme importance of strong and effective institutions for promoting economic development. New institutional economics (NIE) is an economic perspective that attempts to extend economics by focusing on institutions. The role of institutions in economic development is one of the most interesting frontier areas in economics research today, but still, there is no general institutional theory of economic development. The article attempts to outline some of the elements of the institutional theory of economic change, based on the work of new institutional economists. The process of institutional change is affected by, first, the interaction of institutions and organizations. Second, the process is dependent on how formal and informal institutions coexist. Third, the “history matters”, the past events have an impact on the process of institutional change. However, even if we create the theory of institutional change, we will still not be able to create economic policy that provides prosperity all around the world. On the contrary, the institutional analysis provides a good deal of evidence that such a universal recipe does not exist.

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