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JOURNAL OF INTERNATIONAL STUDIES


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ISSN: 2306-3483 (Online), 2071-8330 (Print)



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Preference of institutional changes in social and economic development

Vol. 10, No 2, 2017

 

Mimo Draskovic

 

Maritime Faculty Kotor, University of Montenegro,
Montenegro
Email: rookie@t-com.me

 

 

Preference of institutional changes in social and economic development

 

Delibasic Milica

 

University of Business Engineering and Management,
Bosnia and Herzegovina
Email: 23.mildel@gmail.com

 

 

Ivic Mladen

 

University of Business Engineering and Management,
Bosnia and Herzegovina

Email: ivic.mm81@gmail.com


Oksana Chigisheva

 

Southern Federal University,
Rostov-on-Don, Russian Federation
Email: opchigisheva@sfedu.ru

 

 

 

Abstract. S. Kuznets wrote that structural changes are the central element in the process of development and the most important part of the growth model. They can hinder the growth, if carried out too slowly or inefficiently, but they can also promote economic growth if the distribution of resources gets better. The article has presented the authors' attempts to present new approaches to modeling the institutional behavior of economic agents. Different approaches and views on economic growth and economic development in their application to institutional changes are considered. The descriptive method explains the hypothesis of the dominant role of social innovations (primarily institutional changes) in social and economic development. Significance of sociocultural capital in the context of contemporary knowledge economy is potentiated. The conclusion is that transition countries must use exemplary models and civilization achievements of institutional changes in developed countries.

 

Received: November, 2016

1st Revision: May, 2017

Accepted: May, 2017

 

DOI: 10.14254/2071-8330.2017/10-2/22

 

JEL Classification:  D02, O10, O17, P37

Keywords: institutions, institutional changes, economic development, economic growth