“Institutions are the humanly devised constraints that structure political, economic, and social interactions. They consist of both informal constraints (sanctions, taboos, customs, tradition, and code of conduct) and formal rules”

—  Douglass C. North

constitutions, laws, property rights
Source: Institutions (1990), p. 97; As cited in: Oliver E. Williamson (1996) The Mechanisms of Governance. p. 4

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Douglass C. North18
American Economist 1920–2015

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