The Contribution of the New Institutional Economics to an Understanding of the Transition Problem
Published By: UNU-WIDER on eSS | Published Date: March, 04 , 1997Institutions and the way they evolve shape economic performance. Institutions affect economic performance by determining (together with technology employed) the cost of transacting and producing. They are composed of formal rules, of informal constraints and of their enforcement characteristics; while formal rules can be changed overnight by polity, informal constraints change very slowly. [WIDER Annual Lectures 1]
Author(s): Douglass C. North | Posted on: Feb 04, 2011 | Views(887) | Download (59)