publication . Research . Article . 2004

Market economic systems

Frederic L. Pryor;
Open Access English
  • Published: 01 Jan 2004
  • Publisher: Luxembourg Income Study (LIS) Luxembourg
The new comparative economics focuses on individual institutions, rather than considering the economic system as an entity. In this essay we argue that economic systems should be defined in terms of clusters of complementary or covarying institutions. A cluster analysis of OECD countries, using data on forty different economic institutions, shows that four economic systems can be used to characterize these countries. These systems have no significant impact on economic growth or inflation, but they do have an important influence on the distribution of income. An analysis of systemic change suggests that the differences between economic systems become greater wit...
free text keywords: Systemvergleich, Institutionalismus, Clusteranalyse, OECD-Staaten, ddc:330, Economics and Econometrics, Oecd countries, Economic statistics, Economic sector, Economics, Inflation, media_common.quotation_subject, media_common, Institutional economics, Economic indicator, Economic system, Economic expansion, Economic impact analysis
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