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Institutional Redesign for Economic Change

The Project Syndicate reports that economics now recognizes the importance of institutions for growth, as evidenced by the winners of the Nobel Prize in economics for the last 2 years.
Institutional Redesign for Economic Change
And yet, the institutions that comprise innovation systems have become semi-fossilized in many countries, and policymakers rarely think about how to reform them. The Nobel Prize in economics was awarded both this year and last year to scholars who, in different ways, emphasized the importance of institutions to economic growth. Joel Mokyr, a 2025 laureate, used historical sources to demonstrate... ...

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