Quote by Douglass North
"We inherit institutional structures that were designed to solve problems that no longer exist."
"We inherit institutional structures that were designed to solve problems that no longer exist."
"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."