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Profesor Jacek Zaucha

The paper presents the results of review of literature on the role of institutions in development. The paper refers to the new economic geography and its findings on the importance of immobile territorial assets for local and regional development. This observation also plays an important role in the place-based policy paradigm proposed by Barca. Institutions such as social norms, social capital or governance can be understood as immobile assets that cannot be easily replicated in other parts of the world and thus form specific development milieu. This paper examines how the concept of immobile assets has been used in formal growth models within the mainstream of economics.

Growth models usually assume that institutions affect the stock of resources (especially human capital) and their productivity. They are thus recognized as an element of TFP or in the equations portraying the accumulation of factors of production. The complexity of institutions, their universal character at least at a country level and lack of appropriate indicators makes the research on the impact of institutions on regional growth inconclusive. 

The paper presents results of the researcg of the Institute financed by the Polish National Science Centre as a project "Concept of the territorial cohesion in cohesion policy. Implications for Economic Growth" (no. 2012/05/B/HS4/04212). 

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