KDI 한국개발연구원

요약 It is now widely recognized that the differences in standards
of living and in rates of growth that different economies habe
experienced ha sto do with factors other than just differences in
factor supplies, in particular human and physical capital. Were
differences among countries accounted for by different factor
inputs along the same production function, we would expect to
see far higher returns to the scarce factors, human and physical
capital. And we would not expect to see the migration of skilled
individuals form poor countries, such in India.

At least part of the differences must be attributed to how
societies organize their scarce resources. The collapse of the
communist/socialist experiment in Eastern Europe and the Soviet
Union, together with the success of Japan. the Newly
Industrialized Countries in East Asia, and the lagging growth in
productivity in the United States, has lead to a renewed interest
in the study of comparative economic systems. Rather than
focusing on the simple dichotomy between market and socialist
economies, attention has been shifted to the variety of
institutional arrangements within capitalist economies and the
various roles that the government can and has taken.

This paper is divided into two parts, In the first, I enunciate
several general principles concerning equilibria and dynamics in
situations where economic relations are mediated by processes
other than those described by the standard, perfect competition
Arrow Debreu model. I illustrate these general principles, where
possible, by examples which relate to level of innovation and
adaptation in the economy. The second part of the paper focuses
more narrowly on the legal-regulatory environment in which
forms operate.

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