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Institutions

Datos Bibliográficos

ID4029688
AutoresDouglass C North (Luce Professor of Law and Liberty and Director of the Center in Political Economy, Washington University, St. Louis, Missouri., autor de correspondencia)
Año1991
Volumen5
Número1
Páginas97-112
Fecha de publicación1991-02-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaThe Journal of Economic Perspectives (JOURNAL)
Identificadores de la revistaISSN: 0895-3309 • E-ISSN: 1944-7965
EditorialAmerican Economic Association (PUBLISHER • US)
DOI10.1257/jep.5.1.97
OpenAlexW4256216147
IdiomaEN
Citas recibidas1.103
Referencias citadas5

Institutions are the humanly devised constraints that structure political, economic, and social interaction. They consist of both informal constraints (sanctions, taboos, customs, traditions, and codes of conduct), and formal rules (constitutions, laws, property rights). Throughout history, institutions have been devised by human beings to create order and reduce uncertainty in exchange. Together with the standard constraints of economics they define the choice set and therefore determine transaction and production costs and hence the profitability and feasibility of engaging in economic activity. They evolve incrementally, connecting the past with the present and the future; history in consequence is largely a story of institutional evolution in which the historical performance of economies can only be understood as a part of a sequential story. Institutions provide the incentive structure of an economy; as that structure evolves, it shapes the direction of economic change towards growth, stagnation, or decline. In this essay, I intend to elaborate on the role of institutions in the performance of economies and illustrate my analysis from economic history

Digital Platforms and Economics · Economic theories and models · Economic Theory and Institutions

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Obras citantes distintas1.103
Citas por año32,44
Intervalo de citas1992 - 2026 (35)
Velocidad de citacióncurrent
Altamente citadoSí
Tipos de citaNeutras: 1.091
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