The Importance of Expectations in Economic Development

25 Pages Posted: 31 Mar 2009

See all articles by Christopher J. Coyne

Christopher J. Coyne

George Mason University - Department of Economics

Multiple version iconThere are 2 versions of this paper

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

Coyne, Christopher J., The Importance of Expectations in Economic Development (March, 29 2009). Available at SSRN: https://ssrn.com/abstract=1369999 or http://dx.doi.org/10.2139/ssrn.1369999

Christopher J. Coyne (Contact Author)

George Mason University - Department of Economics ( email )

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