Munich Personal RePEc Archive

Institutions & Well-being

Bennett, Daniel and Nikolaev, Boris and Aidt, Toke (2016): Institutions & Well-being. Published in: European Journal of Political Economy , Vol. 45, (2016): pp. 1-10.

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Abstract

It is by now well-established in the development economics literature that institutions play a vital role in shaping social, economic, and political incentives, reducing transaction costs and uncertainty, and promoting long-run economic growth. Following recent developments on the measurement of socio-economic progress, which emphasize the importance of many non-economic dimensions of quality of life, the goal of this special issue is to encourage new socio-economic research on the relationship between institutions and well-being in this broader sense. Here, we provide a brief overview of the existing literature on institutions and well-being and then summarize the papers in this special issue according to three unifying themes (1) economic freedom studies; (2) institutions and long-run growth, and (3) well-being and institutions in transition economies. We conclude by discussing some challenges for future research.

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