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Understanding ReformsPost-1991 India$
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Suresh Tendulkar and T.A. Bhavani

Print publication date: 2012

Print ISBN-13: 9780198085584

Published to Oxford Scholarship Online: September 2012

DOI: 10.1093/acprof:oso/9780198085584.001.0001

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The Analytical Framework

The Analytical Framework

(p.9) 2 The Analytical Framework
Understanding Reforms

Suresh D. Tendulkar

T.A. Bhavani

Oxford University Press

This chapter provides a historical evolutionary approach to institutional change, to explain the market-oriented reform process in 1991. It analyses the performance of economies over time through path-dependent responses of individual entrepreneurs and organizations to the changing incentive structure. In this framework, the rules governing the formal organs of the state, namely, the legislature, executive, and judiciary are taken to constitute the political contract accepted by the people for governance. Institutions are the rules of the game whereas organizations and entrepreneurs are the players in the game. Institutional change and technological change are two analytically distinct sources of economic growth. All the influential interest groups in society individually or together with other competing or non-competing interest groups actively participate in pursuing common goals. The interest groups generated by a particular institutional matrix are an important obstacle to any kind of change in this matrix over time.

Keywords:   institutional change, economic reforms, market reforms, entrepreneurs, interest groups, distributional equilibrium, governance

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