Rent, quality of institutions and economic development
Keywords:
оrdoliberalism, wave front analysis, institutional economics, profit seeking, rent seeking, directly unproductive activities, rent, level of economic development, Worldwide Governance Indicators, “Voice and Accountability”, “Political Stability and Absence of Violence”, “Government Effectiveness”, “Regulatory Quality”, “Rule of Law”, “Control of Corruption”Abstract
On the basis of the synthesis of the ordoliberal concept of economic policy and the methodology of wave front analysis of social processes, the role of rent income in economic development is examined using the statistical method. The first prerequisite was the division of entrepreneurial activity into profit seeking and rent seeking and the differences in their impact on the welfare of society. As a second prerequisite, a provision was made that rent-seeking behavior of economic agents is caused by the institutional system of the state. The article presents the results of a research of the relationship between the size of rental income and the level of economic development according to data from 166 countries for the period from 1997 to 2017, and the relationship between indicators of the quality of the institutional system and the level of rental income (share of rent in GDP) according to data from 161 countries for 2017. It is concluded that there is an average level of negative relationship between such indicators of the quality of the institutional system as "Voice and Accountability", "Government Effectiveness", "Regulatory Quality" and the share of rent in GDP. It was also stated that there are no sufficient grounds to assert that at the present stage, the absence of rent income or low level of such an income hinders economic development.
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