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Institutions Douglass C. North1991 год

Institutions
статья из журнала

Полный текстСтраница публикацииПубликация в OpenAlex
Аннотация: Institutions are the humanly devised constraints that structure political, economic, and social interaction. They consist of both informal constraints (sanctions, taboos, customs, traditions, and codes of conduct), and formal rules (constitutions, laws, property rights). Throughout history, institutions have been devised by human beings to create order and reduce uncertainty in exchange. Together with the standard constraints of economics they define the choice set and therefore determine transaction and production costs and hence the profitability and feasibility of engaging in economic activity. They evolve incrementally, connecting the past with the present and the future; history in consequence is largely a story of institutional evolution in which the historical performance of economies can only be understood as a part of a sequential story. Institutions provide the incentive structure of an economy; as that structure evolves, it shapes the direction of economic change towards growth, stagnation, or decline. In this essay, I intend to elaborate on the role of institutions in the performance of economies and illustrate my analysis from economic history.
Год издания: 1991
Авторы: Douglass C. North
Издательство: American Economic Association
Источник: The Journal of Economic Perspectives
Ключевые слова: Digital Platforms and Economics, Economic theories and models, Economic Theory and Institutions
Другие ссылки: The Journal of Economic Perspectives (HTML)
RePEc: Research Papers in Economics (PDF)
RePEc: Research Papers in Economics (HTML)