Economic Development: A Constitutional Perspective

Within the theories of economics that emerge out of the ideas of economists who work in the area of constitutional economics, there are a series of social theorists that discuss the importance of law in the development of civil society and maintaining a sustainable economic growth in the long-run. A peculiar example of these economists is James m. Buchanan who one the noble prize in economics for his understanding of constitutional economic analysis. One example of a well developed institution in the area of economic development is the concept of property rights. The constitution is considered to be the central player in the coordination of economic incentive structure within economic theory and the market process. Applying this idea into the countries of the Middle East we realize that many of these middle eastern countries lack the social, political, and economic infrastructure of maintaining a sustainable growth in the middle eastern countries.