Institutions first
回应张夏准对制度作用的质疑，强调制度通过塑造激励影响个体行为，安全的私有产权对繁荣不可或缺，制度有一阶效应而政策只有二阶效应，成功的制度变迁来自社会内部，发展中国家可能无法直接采用第一世界制度。
Abstract: Ha-Joon Chang, in his article ‘Institutions and Economic Development: Theory, Policy and History’, raises doubts about the effects of institutions on economic development and questions the positive effects of entirely free markets based on secure private property rights. We respond by stressing that institutions structure the incentives underlying individual action, secure private property rights are indispensable for prosperity, institutions have a first-order effect whereas policies only have a second-order effect, successful institutional change comes from within a society, and, given the status quo of developing countries, first-world institutions are likely not to be available to them.