Response to Peer Comments Essay Example | Topics and Well Written Essays - 250 words

Response to Peer Comments - Essay ExampleThe Office of the Federal memorialize (2011) supports my view by noting that, a trading agreement specifies the duties and responsibilities of each party to the agreement in conducting a standard transaction (p. 811).I agree with you that economic mental institutions define the environment in which transactions occur. I also concur with you on the importance of the law as the institution that enables transactions to take place, which has motley effects since it can limit and/or expand our opportunities. Hence, I agree with you that there will be less return on investment without the institution of law since it acts as a deterrent to criminal elements.I concur with you that economic institutions are important to spur economic growth since they influence galore(postnominal) sectors of the economy. However to add to you argument, I also think that political institutions play a significant role in economic growth. To put this into perspective , kindly countenance me to use the case of the two Koreas, which were one country. After the two countries split, the North became a dictatorship while the southerly became a democratic nation. In effect, South Koreas democratic political institutions were instrumental in the countrys economic growth, in comparison to the North (Glaeser, Porta, Silanes, &Shleifer, 2004, p. 273). Hence, this agrees with your notion that different institutions have a relationship with different degrees of efficiency, potential for economic growth, and the different distribution of the gains across different individuals and social