Title

Economic Systems Of OECD Nations: Impact And Evolution

Document Type

Article

Publication Date

10-19-2004

Published In

Papers On Economics And Evolution

Abstract

This essay argues that economic systems should be defined in terms of clusters of complementary institutions. To show how such an approach can be carried out, I use a cluster analysis technique and data on forty different economic institutions in OECD nations to isolate four quite different economic systems. After specifying the most important institutional clusters in each system, I then examine what impact these economic systems have on various indicators of economic performance. Finally, I show how such an approach allows particular evolutionary patterns of the systems to be analyzed.