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måndag
17sep

Why North was wrong, and the implications thereof

Datesep 17, 2007 at 22:56
The standard definition of institutions:
“A set of rules, compliance procedures, and moral and ethical behavioral norms designed to constrain the behavior of individuals in the interests of maximizing the wealth or utility of principals” (p. 201)
North, Douglass C. 1981, Structure and Change in Economic History. New York: Norton & Co.

The problem with this definition: Institutions are typically not designed, they have evolved, and they must be enforced somehow.

To think about: what does this mean for the validity of research regarding the effect of institutions on variable y?
Authorbergh | CommentPost a Comment | Reference12 References |
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