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Quotes from Douglass North — Douglass North

1920–2015 United States

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1 quote

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.

Douglass North (1991)

Attribution

Quotes and notes from Wikiquote: Douglass North (page history), available under CC BY-SA 4.0.