The article studies institutional economics by examining the currently dominant issue of the role of institutions in economic development. It is noted that due to the existence of a number of theoretical problems, researchers underestimate the cause-and-effect relationships that go from development to institutions. The focus is on the idea that a free market and a firm defense of private property rights are best suited to economic development. Therefore, it suggests to strengthen these institutions to ensure stable socio-economic development of the region's economy. It is argued that the alleged evidence for the superiority of liberalized institutions depends too much on cross-sectional econometric studies, which suffer from flawed concepts, faulty measurements, and heterogeneous samples. It is noted that the formation of a model for assessing the quality of institutions is becoming an important factor in the rapid correction of emerging defects in the institutional development of the region.
institutional economics, stable economic development, institutional environment, regional economy, marking model of quality, institutional development of the region
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