Quote by Douglass North
"Institutional analysis reveals that economic outcomes are not determined by abstract laws but by specific human choices."
"Institutional analysis reveals that economic outcomes are not determined by abstract laws but by specific human choices."
"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."