Quote by Douglass North
"Institutional coordination problems explain why individually rational actors often create collectively irrational outcomes."
"Institutional coordination problems explain why individually rational actors often create collectively irrational outcomes."
"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."