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2020, vol. 66, iss. 3, pp. 81-94
Institutional economics and economic development
University 'Union - Nikola Tesla', Faculty of Management, Sremski Karlovci, Serbia

email1010brojevi@gmail.com, dragan.Ict@gmail.com, aleksandra_penjisevic@yahoo.com
Abstract
This research deals with the relationship between economic quality of institutions and economic development. For obtaining the value quantification of institutional quality, we measured rankings of 138 most important national economies based on three pillars of competitiveness, and we used Gross national product per capita to measure development. We applied Spearman's rank correlation coefficient based on these two parameters for measuring the relationship between ranking of national economies. There is no doubt that a strong direct relationship was recognised. The value of the result lies in the identification of institutional economics as the major cause for different development levels of certain countries. This implies that in case of value measurement of our country, also the most efficient tool would be to put focus on increase of institutional quality.
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article language: English
document type: Original Paper
DOI: 10.5937/ekonomika2003081K
received: 22/05/2020
accepted: 08/07/2020
published in SCIndeks: 07/11/2020
Creative Commons License 4.0

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