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“Institutions may be defined as any form of constraint that human beings devise to shape human interaction. These include formal constraints, such as legislation, economic rules and contracts, and informal constraints, such as social conventions and codes of behaviour” (Foxon, 2002:2)

“Institutions are the rules of the game in a society or, more formally, are the humanly devised constraints that shape human interaction. In consequence they structure incentives in human exchange, whether political, social, or economic. Institutional change shapes the way societies evolve through time and hence is the key to understanding historical change” (North, 1990:3)

institutions.txt · Last modified: 2015/11/05 13:00 by martin_spacek