Definition: Institutions

Institutions - “The rules of the game of a society composed of the formal rules (constitutions, statute and common law, regulations), the informal constraints (norms, conventions, and internally devised codes of conduct) and the enforcement characteristics of each. Together they define the way the game is played” (North 1997:2). - source: Economic Development 4th Edition by E. Wayne Nafziger

No comments:

Post a Comment