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Institutions, factors of production and economic development

Abstract

To comprehend what are the relevant variables in determining an economy's income and how these variables are related is crucial, especially to provide a framework to elaborate future economic policies. The literature that addresses economic growth and development emphasizes that investment in physical capital, human capital and technology are essential to achieve high levels of development. It has been emphasized also the importance of solid political and economic institutions in this process. From this scenario arises the initiative to relate all these variables in a study for the Brazilian economy. By shedding light on the interaction among accumulation of physical and human capital, productivity and quality of institutions, we can better understand the mechanisms by which institutions are able to contribute to raise societies' living standards through the increase of output per capita. Special focus will be given to the interaction between institutional development and evolution of worker's human capital. (AU)

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