Constitutional Environments and Economic Growth

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In this provocative work, Gerald Scully develops and empirically tests a theory about how a nation's constitutional setting affects its economic growth. Modern growth theory links the rise in the standard of living to capital formation, both physical and human, and to technological progress, and development economists continue to believe that the t

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"Scully insists that the 'rules of the game' under which capital accumulates, technology advances, and incomes are distributed, are determined primarily by social, political, and legal institutions... His statistical data reveal that market-oriented, politically open economies grew almost three times faster, had more equitable distribution of income, and were two and one-half times more efficient in transforming their inputs into national output than their centrally controlled command counterparts."--Choice