The Importance of Expectations in Economic Development
25 Pages Posted: 31 Mar 2009
There are 2 versions of this paper
The Importance of Expectations in Economic Development
Date Written: March, 29 2009
Abstract
What factors and processes influence the wealth of nations? This is the central question addressed by North, Wallis, and Weingast (NWW) (2009) in their framework for "interpreting recorded human history." This essay emphasizes that the implications of NWW's analysis provide the foundations for a realistic reassessment of the constraints facing the development community in their efforts to assist "natural states." The main theme of this paper is the role that expectations play in development. Expectations play a key role in development efforts because they frame the activities of the development community, as well as the perceptions of indigenous politicians and citizens living in the natural state. The failure of many development efforts is due to a lack of appreciation for the important role played by expectations.
Keywords: development community, economic development, expectations, weak and failed states
JEL Classification: B52, D03, O10
Suggested Citation: Suggested Citation
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