econ 102 reaction paper dean de dios

econ 102 reaction paper dean de dios -...

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CRISTOBAL, Karla Patricia D. 2008-01487 I have convinced myself that I would have to leave this country after graduating from UP.  Approximately 80% of the Filipino people live in poverty, job opportunities are sparse, and economic  growth is ridiculously slow. Stating that the government could not be trusted would be an understatement.  While  most countries have grown  rapidly before any of us were born, we remain limping  towards  economic growth. Furthermore, public administration has been weak and ineffective since Filipinos have  taken the reins after the Second World War. Surprisingly, it seems that we can correlate government  deficiency and instability with economic latency. However, if the government was the problem, couldn’t a  change of regime be the solution? For the Philippines, it does not, because this ineffectiveness has been  instilled into our society. This is where institutions come in. With respect to the assumption that societal norms and  practices affect government practice and growth, Dean de Dios poses the question of how institutions  constrain economic growth. He uses Greif’s and North’s definitions of institutions as ‘systems of rules,  beliefs, norms, and organizations that generate a regularity of social behavior’ and ‘humanly devised  constraints of behavior’. The   determinants   of   economic   growth   and   development   are   vehemently   debated   among  economists. Financial crises have highlighted the fact that functioning institutions are fundamental to the  goal of achieving economic growth. For Dean de Dios,  differences in economic institutions are the 
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econ 102 reaction paper dean de dios -...

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