“The importance to economics of the study of institutions is no longer a controversial proposition, thanks in part to the scholarly literature generated by the new institutional economics movement. Institutions are more than organizations – property is an institution, but not an organization – but organizations are an important form of institution and will be the focus of my paper, as it is, to a considerable extent, of the new institutional economics.”

— Richard A. Posner

"From the new institutional economics to organization economics: with applications to corporate governance, government agencies, and legal institutions" (2010).

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Richard A. Posner11

United States federal judge 1939

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