The Natural State

Douglass C. North is a master on the value & development of institutions.

Institutions are the formal & informal rules of the game, including their enforcement mechanisms. Organizations are the players of the game, including those who make, interpret, & enforce rules. Governance is how the game is played. Public policy is the outcome of the game.

On Institutions, Institutional Change, & Economic Performance:

Institutions exist, (North) argues, due to the uncertainties involved in human interaction; they are the constraints devised to structure that interaction..

Eureka!

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