The Economist has a large and very interesting piece on the migration of World Bank thinking towards recognising that 'institutions' are important.
Part of the difficulty, as Dani Rodrik of Harvard University points out, is that typical measures capture institutional outcomes, not institutional forms. The “rule of law”, for example, measures how secure an investor feels about his property. It tells us little about precisely what makes him feel that way.
In the latest issue of Forbes Richard Karlgaard lets us know that the word “entrepreneurs” comes from France. So perhaps fittingly the high levels of red-tape in France are to blame for the improved London dinning scene:
Vietnam’s PM met with Bush yesterday at the White House. The Wall Street Journal makes the point that this meeting would not have been possible if it weren’t for the success of Vietnam’s recent economic reforms. They praise the role of the private sector:
As an update to a previous post, the World Bank has made the video and materials from their recent event on “The Socio-Economic Impact of Mobile Phones in Africa” available on-line. This event occurred the day after the AEI event previously discussed. Judge for yourselves which one was better. It would be interesting to see if the presentations changed much in light of the different audiences?
Poor regulation is the main factor limiting productivity and growth in economies all over the world, particularly in developing countries - this according to the latest research by the McKinsey Global Institute. The solution: regulators need to protect people, not jobs, and stop the practice of trying to pick winners.
The World Bank has launched a new online discussion on “How to Streamline Business Registration.”
International public opinion, and research such as the World Bank’s Doing Business Project, have agreed to gripe about red tape and the fact that it takes over 200 days to incorporate a business in some countries. But what is the best way to go about this?