ABSTRACT
In his book The Theory of Economic Growth, Arthur Lewis (1955) pointed out in the mid-1950s, that economic and social institutions play a critical role in economic growth. In the early 1990s, Douglass North (1994) in his Nobel Prize lecture went beyond Lewis’ view to argue that “ideas, ideologies, myths, dogmas and prejudices” also play a role in development processes, since beliefs, in fact, become economic and social structures through institutions.
