An Analysis On Institutional Adaptive Efficiency In The Economic Growth In The Transitional Period Of Our Country

Our country is in a transitional period which is from traditional to modern, from planned to market, from closed to open. In this course, the institutions are not really suitable to the reality and growth of the economy. In the process of reform of marketing economic systems, the improvement of economic institutional adaptive efficiency becomes a vital issue. Whether the institutions are suitable to the reality and the future changes of economy or not is critical to the economic growth. Institutional adaptive efficiency refers to the extent that institutions fit to the reality and change of institutional environment (including other institutions, economic environment, political environment, cultural environment, and social enviroment), and it is a flexible function about time process, and institutions can push the economy ahead steadily with it. In the process of transition, the construction of institutions is very important. How to choose the ways of institutional changes, how to establish and perfect all kinds of economic institutions, and how to make use of institutions to guide our economic life, is a big problem we are facing.Based on this, this paper takes institutional adaptive efficiency as an angle of view to discuss the present situation, the roots and improving ways of the present situation in the economic growth in the transitional period. It will be divided mainly into three parts. The first part will describe the present institutional adaptive efificiency in the economic growth. From this part, we will know the institutional adaptive efficiency is not insufficient in the economic growth which is based on the present institutional basis(including the ownership, property right and market systems).The second part will analyze the roots of the insufficiency of the institutional adaptive efficiency in the economic growth in our country. For the formal institutions, path-dependence, disharmony in the institutional supply and demand and institutional friction are the main reasons of insufficiency in the institutional adaptive efficiency. Furthermore, the lack of informal institutions, and formal institutions haven't been internalized, are also very important reasons. The third part will bring up some solutions of improving institutional adaptive efficiency. For the formal institutions, we should adopt institutional reforming ways including step by step reform, economic democracy and institution innovation; and for the informal institutions, we should construct socialism market economic culture with a great effort, and besides, we should try to internalize new formal institutions, to improve institutional adaptive efficiency, and promote the economic growth in the transition period.