The macroeconomic effects of institutional reforms on economic growth with particular reference to the Republic of Croatia

Institutions are the rules of conduct within a society, i.e., limitations which have been devised
by humans in order to shape human interactions. Due to synergy, each positive or negative
institutional change may cause significant changes within the society. Transaction costs,
i.e.,the costs of all the means necessary to carry out an exchange are closely connected to the
institutions. The main tas…