Institutions, trust and the high level of innovativeness in the Scandinavian countries

Abstract

Abstract The aim of this study was to show the relationship between the level of the confidence indicator and the innovation of the economies of individual Scandinavian countries in the context of the new institutional economy (NEI). Literature studies and analysis of available results of social research indicate the importance of formal and informal institutions in Denmark, Sweden, Norway and Finland in making these countries world leaders in innovation.