Quote by Douglass North
"The difficulty in institutional reform lies not in identifying better rules, but in changing the equilibrium that sustains existing ones."
More from Douglass North
"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."