The costs of institutional malfunctioning are often diffuse ... - Douglass North

"The costs of institutional malfunctioning are often diffuse and invisible until they accumulate into crisis."

Douglass North Time

Economist Historian American 1920–2015

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."

"Time waits for no one."

"Time spent with loved ones is never wasted."

"I've been alive for a long time. Long enough to know that you can't trust anyone."

"The past always catches up with you."