Ljubomir Madžar


Institutional Roots of Economic Performance

This is a review article of the newly published book “Law, Informal Rules and Economic Performance”. The importance of the problem area covered by the book and the elegance and precision with which it is elaborated are particularly emphasized. Wholeheartedly endorsed is Professor Pejovich’s general stance elaborated in the book that the institutions are the category of elements that has to be resorted to if determinants and mechanisms of economic development are to be consistently and non-tautologically explained.