INSTITUTIONAL DETERMINANTS OF LABOR PRODUCTIVITY IN THE SELECTED REGIONS OF THE EUROPEAN UNION
DOI:
https://doi.org/10.12775/EiP.2015.030Keywords
formal institutions, informal institutions, labor productivityAbstract
Facing the growing importance of institutions as a vital, or according to some, even a key determinant of economic growth and development, the authors of this study attempt to define and determine basic relations and mechanisms by which the institutional environment affects labor productivity. In addition, an analysis of institutions diversity and labor productivity was carried out in selected regions of the European Union. The findings of the analyses prompt to draw a conclusion that “good” institutional solutions have a significant impact on the development of labor productivity also at regional level by protecting property rights, lowering transaction costs, stimulating competition and improving the efficient functioning of the market mechanism.References
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