Quote by Douglass North
"Property rights are never absolute; they are always defined by the institutional context in which they exist."
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."