The late Douglas North was correct to assert that institutions are a determinant of long-term economic growth. However, despite his genius in perceiving connections between economics and other fields, North wrote little on culture.
Institutions remain the most important factor for strengthening productivity and the investment climate in a country. Good governance, rule of law, and socio-political stability are crucial determinants of long-run economic growth. As famously described by Douglas North, “Institutions are the rules of the game in a society; more formally, they are the humanly devised constraints […]
Institutions and innovation are the two key elements that will determine whether Bangladesh will see sustainable economic growth and become an economic powerhouse, one day becoming a high-income country. It's high time our policymakers listened to the experts and created an ecosystem that drives growth.
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