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THE INFLUENCE OF INSTITUTIONAL FACTORS ON ECONOMIC GROWTH
Economic growth and the associated standard of living are among the most significant, watched and discussed topics of the general public. For that reason, it is the subject of many economists, scientific literature, and economic models. Opinions about the causes of growth, but also stagnation, of the world's economies vary, whether within economic flows, theories or among economists themselves. Increasingly, it refers to the reduced ability of known theories to answer all the causes of economic differences between seemingly similar countries. One of the modern explanations of the differences between the world's economies is that of the so-called institutional factors of economic development - culture, religion, history, geography, or political regime. Therefore, this research paper analyses the relationship between economic growth and institutional factors of development. In the context of the influence of institutional factors on economic growth, democracy assumes that political competition allows voters to use the state as a source of redistribution. Thus, if the average voter is lower than the average, middle-income and low-income citizens can determine the election result and thus claim higher tax rates for the rich.
Vydanie: 2019/1 Strany: 11-23 Klasifikácia JEL: A13, O4, O10
DOI:
Kľúčové slová: Cohesion, Convergence, Economic Growth
Sekcia: ECONOMICS AND ECONOMY
Kontakty:
PhDr. Martin Hudec, MBA, PhD.
University of Economics in Bratislava
Faculty of Commerce, Department of Marketing
Dolnozemská cesta 1
Bratislava, 852 35
Slovak Republic
e-mail: mhudec18@gmail.com, martin.hudec@euba.sk
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