Technological models of development and their applicability to a Baltic states

Abstract

Abstract Purpose – To study the possibilities of a theory to establish a modern theory of economic growth, including the factors of institutions and changes in technologies. These factors are a set of rules with high coercive force to the agents’ action, which form a particular mode/model of their adaptation, together with other institutions. Findings – The research results may enrich an economic theory and practice in the area of business models applicability in Lithuania, Latvia and Estonia. The findings may assist an economic community to influence the general technological development within the national institutional systems. Practical implications –The so-called institutional macroeconomics as a practical discipline (which has a very close connection with behavioural macroeconomics) may assist to explore the economic growth in a Baltic States from the point of view of changing institutions (firms, business community), labour markets and information.