Quote by Douglass North
"Transaction costs are often invisible but they determine the shape of our economic world."
"Transaction costs are often invisible but they determine the shape of our economic world."
"Institutions are the humanly devised constraints that shape human interaction."
"The performance of economies over time is determined by institutions and institutional change."
"Ideas have consequences, and the ideas we hold shape the institutions we create."
"Economic history is fundamentally about understanding how societies organize production and exchange."