EC 435WX - Institutions and Economic Development

Lecture Hours: 3
Lab Hours: 0
Credit Hours: 3

Institutions are humanly devised constraints that structure economic, political and social interactions and consist of formal rules (constitutions, laws, political systems) and informal constraints (social norms, customs, religious beliefs, trust). While formal rules can change quickly, informal constraints possess significant inertia and evolve over long periods. Moreover, a successful institutional arrangement requires a fit between formal rules and informal constraints. The objective of the course is to explore the determinants of institutions, the evolution of institutions, and the effect of institutions on economic development. Note: Writing Intensive (W) and Civilizations and Cultures (X) Course Prerequisite(s): EC 201 and EC 202 with EC 304 recommended.