Quote by Douglass North
"Understanding why some nations prosper and others stagnate requires understanding their institutional trajectories over centuries."
"Understanding why some nations prosper and others stagnate requires understanding their institutional trajectories over centuries."
"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."