Quote by Douglass North
"Economic theory without institutional analysis is like biology without studying organisms in their environment."
"Economic theory without institutional analysis is like biology without studying organisms in their environment."
"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."